Hydrogen has the potential to be a key contributor toward a low-carbon economy. Generating hydrogen by electrolysis using renewable energy is one way to support a decarbonized economy; however, its cost is not typically competitive with the carbon-emitting incumbent technology, steam methane reforming. The ability of electrolysis to integrate with electricity markets presents a unique cost reduction opportunity due to the perceived future availability of low and zero-marginal cost renewable energy sources. Additionally, as renewables, and particularly, photovoltaics are installed on the grid, they have a value deflation effect. This work evaluates solar-electrolysis configurations using a mathematical programming framework to maximize system net present value. The framework has been tested with specific weather conditions and financial mechanisms in California. Our findings indicate that a spectrum of potential cost competitive solutions is available for systems that (i) have market configurations resembling hybrid retail/wholesale, resulting in a hydrogen production cost range of US$6.2 kg⁻¹–US$6.6 kg⁻¹, or full wholesale market participation, reducing production cost to US$2.6 kg⁻¹–US$3.1 kg⁻¹, and (ii) achieve projected future cost reductions.

氢有可能成为促进低碳经济的关键因素。使用可再生能源通过电解产生氢是支持脱碳经济的一种方法。然而，其成本通常与碳排放现有技术（蒸汽甲烷重整）没有竞争力。电解技术与电力市场整合的能力为降低成本和零边际成本的可再生能源提供了独特的降低成本的机会。另外，由于可再生能源，尤其是光伏发电被安装在电网上，它们具有价值紧缩效应。这项工作使用数学编程框架来评估太阳电解配置，以最大化系统的净现值。该框架已在加利福尼亚的特定天气条件和财务机制下进行了测试。我们的发现表明，对于（i）具有与混合零售/批发类似的市场配置的系统，可以使用一系列潜在的成本竞争解决方案，从而制氢成本范围为6.2千克^{-1 –} 6.6美元^-1，或完全批发市场参与，将生产成本降低至2.6千克^{-1 –} 3.1千克^-1美元，并且（ii）实现了预计的未来成本降低。