Biomass-derived liquid fuels with low greenhouse gas emissions are an integral part of decarbonization plans. Three pathways for enhancing production of methanol from biomass and municipal solid waste (MSW), natural gas, and renewable electricity are explored using hydrogen produced from water electrolysis, natural gas pyrolysis, or combinations of these inputs. A combined electrolysis and natural gas pyrolysis process is designed to be flexible, changing operation modes depending on the cost of feedstocks (i.e. electricity and natural gas). A techno-economic analysis is performed to assess and compare the economic attractiveness of these processes. Hydrogen produced from natural gas pyrolysis could potentially be more economically attractive than electrolytic hydrogen using renewable electricity. Moreover, natural gas pyrolysis CO2 emissions could be substantially lower than emissions from conventional steam methane reforming (e.g., CO2 emissions which are 25 % or lower compared to CO2 emission from steam methane reforming). Hydrogen enhancement of the methanol production process results in increase of around a factor of two in carbon conversion efficiency (e.g. from 44% to 94 %). Methane pyrolysis shows high economic potential assuming the technical challenges to its commercialization are successfully addressed. Given an installed cost of electrolyzer of 1000 $/kW, electricity price of 50 $/MWh, natural gas price of 5 $/GJ and 100 $/ton selling price of carbon black, the natural gas pyrolysis design results in the lowest methanol production cost. Our analysis indicates that methanol could be produced in a price range of 300–1000 $/ton depending on feedstock price (particularly electricity) and the chosen process.