The increasing need for decentralized energy solutions, especially in rural regions, without access to centralized power infrastructures, has led to the increased adoption of alternative energy sources like syngas and producer gas. This study presents a comprehensive techno-economic analysis and feasibility assessment of off-grid power generation systems employing producer gas-fired internal combustion engines. The energy flow analysis demonstrates that the producer gas (PGS) and syngas-based system (SGS) have specific energy requirements of 19.9 and 13.6 MJ/kWh of electrical power, respectively. An extensive economic analysis is undertaken to evaluate the potential revenue streams, capital costs, and operational expenses associated with installing and operating these off-grid power generation systems. At the end of the projects' valuable lives, the anticipated net present values of PGS and SGS are estimated to be 9.3 MIndian Rupee ($111.3k) and 0.61 MIndian Rupee ($7.3k), respectively, for initial investments of 10.1 MIndian Rupee ($120.9k) and 5.6 MIndian Rupee ($68.2k). The discounted payback period for the SGS is 7.8 years, nine years shorter than the PGS. As determined by the Monte Carlo simulation, the feasibility estimates for the profitability of PGS and SGS are 0.54 and 0.92 out of 1, respectively. The implications of these results provide significant contributions to understanding the potential obstacles and viability of implementing PGS or SGS, thereby enabling energy sector stakeholders to make well-informed decisions.