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

Hydrogen production from renewable energy sources without CO 2 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 cm 2 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.