Techno‐Economic and Profitability Assessment of Stand‐Alone Photoelectrochemical Hydrogen Generation Technology

Hydrogen production from renewable energy sources without CO₂ emissions forms a fundamental pillar of the emerging hydrogen-based economy. Hydrogen technologies demonstrate significant potential for energy storage and integration across chemical and materials industries. Direct solar-to-hydrogen (STH) conversion via photoelectrochemical (PEC) water splitting is technologically feasible but has not yet been commercialized. A techno-economic and financial viability assessment is performed on stand-alone PEC reactors operating in Germany. A detailed cost structure of the photoelectrochemical reactor is carried out. The total cost of the PEC reactor with a 500 cm² active area is ≈€94.19 based on experimental data. The levelized cost of hydrogen for an off-grid PEC system in Munich is calculated as €83.71/kg, assuming a 5% STH efficiency. The sensitivity analysis highlights hydrogen production and lifetime as key factors, with hydrogen production determined by STH efficiency and solar irradiance. Upscaling scenarios indicate that achieving a target hydrogen cost of €2/kg is feasible by extending the reactor lifetime to 20 years, reaching 20% STH efficiency, reducing initial capital expenditure by 80%, and securing favorable capital structure with a weighted average cost of capital of 10% or lower. The findings highlight how scaling can support the financial feasibility of PEC hydrogen production.