Techno-economic Assessment of Hydrogen Production: Comparative Analysis of Electrolyser Technologies in a Hybrid PV/Wind System

Green hydrogen is critical for achieving net-zero emissions, with water electrolysis offering a CO2-free solution. This study provides a comprehensive comparative financial and economic assessment of a hybrid PV/wind hydrogen production system using three types of electrolysers, including Alkaline Electrolyser (AEL), Proton Exchange Membrane Electrolyser (PEMEL), and Solid Oxide Electrolyser (SOEL). Key performance metrics such as net present value (NPV), Internal Rate of Return (IRR), revenues, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA), Earning Before Taxes (EBT), Debt Service Coverage Ratio (DSCR), and levelized cost of Hydrogen (LCOH) are evaluated to identify the most cost-effective option. The findings reveal that AEL is the most economical solution, achieving a higher NPV (503,374 k€) and IRR (16.94 % for project IRR), though PEMEL and SOEL remain competitive. Other metrics, such as DSCR, show that the hydrogen project generates 30 % more cash flow than is required to cover its debt service. Additionally, the results of the LCOH analysis demonstrate that a hybrid plant consisting of 10 % PV and 90 % wind is more cost-effective in the studied region than both solar-based or wind-based hydrogen production plants. AEL and PEMEL are approximately 7–6 €/kg less expensive than SOEL, but this gap is expected to be narrowed by 2030. The hybrid renewable energy project reduces CO2 emissions by 6786.6 Mt over its lifetime. These findings guide policymakers and investors toward scalable, cost-effective green hydrogen deployment, emphasizing the synergy of hybrid renewables and mature electrolysis technologies.