Yes, ETHANOL is a Scrabble word!

Letter values in Scrabble US: E 1, T 1, H 4, A 1, N 1, O 1, L 1.

Is it a valid word?

ETHANOL is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the intoxicating agent in fermented and distilled liquors; used pure or denatured as a solvent or in medicines and colognes and cleaning solutions and rocket fuel; proposed as a renewable clean-burning additive to gasoline

Also: ethyl alcohol, fermentation alcohol, grain alcohol.