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Research into the potential use of microalgae to produce biofuels is receiving significant attention. In the cold climates of countries like Canada, algae cultivation in open raceway pond (ORP) systems is limited to a short period of the year when pond surface water temperatures and ambient light conditions enable optimal culture growth. In this study we develop techno‐economic assessment models to predict, evaluate, and compare the techno‐economic results from three autotrophic algae cultivation scenarios to produce algae biomass. The first is a modeled ORP site located in the southern USA, which has a minimum biomass selling price (MBSP) for algae of $541 tonne−1 (T−1). The second scenario models an identical ORP system co‐located at a site near Fort Saskatchewan, a northern city in the province of Alberta, Canada. The resulting MBSP is $1288 T−1. A third scenario models a photobioreactor (PBR) cultivation system co‐located at the same northern Alberta site and shows algae production with an MBSP of $550 T−1. Each system is scaled to produce 2000 T day−1 ash‐free dry weight (AFDE) algae biomass. The study concludes that PBR systems deployed at this scale have the potential to reduce production costs significantly ($ T−1) compared to similarly sited ORP systems in Canada, despite climatic factors and high initial capital costs associated with PBR construction. Furthermore, the modeled PBR system required 0.3% of the water required by the ORP cultivation platforms (153 × 103 versus 59 527 × 103 m3) and 0.04% of the land (32 versus. 82 038 ha). © 2019 Society of Chemical Industry and John Wiley & Sons, Ltd [ABSTRACT FROM AUTHOR]