Creating wealth through agriculture has been a long-running development goal in Malawi. Within the country, irrigation is viewed as a valuable opportunity and has increased substantially for smallholder farmers, quadrupling from 15,988 ha in 2011 to 61,977 ha by 2019.. It has the potential to open up the dry season for cultivation on a grand scale, comparable to rainy season harvests, while also stabilizing wet season cultivation, insuring yields against variable rainfall patterns. The main takeaway from this cost-benefit analysis is that policymakers need to pay very close attention to costs of irrigation technologies and the choice of commodities promoted. Tomato, paprika and to a lesser extent cassava appear to fare well under irrigation, with gross margins large enough to cover the cost of irrigation investments studied in this report.