Most of the recent studies, performed in order to estimate the potential value of biomass for energy production, were done on common biomass resources such as corn, wheat, sunflower, barley and oats. Although tobacco stalks are rarely or almost not used for this purpose, according to their chemical composition and heating value, they can be classified as non-toxic agricultural waste, which makes them a renewable energy source. According to the statistics in agricultural production, Serbia has a great potential in tobacco stalks which are treated as agricultural waste and they are not used for energetic purposes. This paper deals with two common types of large leaves tobacco stalks in this region; Virginia and Burley, as a potential renewable energy source. The heating values were calculated according to the elemental chemical composition and lignin content, and compared with other known agricultural waste. Various equations for high heating value calculation were taken in account in order to present tobacco stalks as renewable energy source. Results of analysis showed good agreement of tobacco stalks heating values in comparison with other crops, and does not deviate significantly from other agricultural waste.