Green hydrogen LCOH calculator

Discounted Cash Flow model · Model v7.1.0 · Methodology v3.33

Your assumptions in a spreadsheet
Reference case— the documented reference case of the frozen methodology (§9), precomputed; not your calculation and not the form's defaults.

PEM · Southern Europe · 10 MW · 900 €/kW · BoP 30% · electricity 40 €/MWh · 4000 h/year. Solved with model v7.1.0, methodology v3.31. Edit the parameters and press Calculate LCOH to replace it with your own.

LCOH

€4.74/kg H₂

Year 1 Production

760t H₂

Total CAPEX, gross of subsidy

€11.7M

Levelized Cost of Hydrogen

€4.74/kg H₂

In constant money: €4.02/kg, the same project with nothing escalated and discounted at the real WACC of 4.90 %, in the money of the inputs. The figure above is nominal.

Model v7.1.0 — DCF

These figures are estimates for preliminary analysis only and do not constitute financial, investment or engineering advice.

Cost Breakdown (NPV-weighted)

Electricity
51.0%
CAPEX
34.7%
O&M
7.9%
Stack
6.0%
Water
0.5%

Year 1 Production

760 t H₂

before stack degradation

Lifetime Production

14,534 t H₂

727 t/yr average over 20 years

Total CAPEX, gross of subsidy

€11.7M

incl. BoP; the subsidy is not deducted

€12.7M charged at year 0, with interest during construction (1.088725x)

Stack Replacements

1

over project lifetime

How this LCOH calculator works

The levelised cost of hydrogen (LCOH) is the constant price per kilogram at which a plant recovers all its costs over its life, with investors earning exactly the return they require. This calculator works it out with a discounted cash-flow model for PEM, alkaline, SOEC and AEM electrolysers.

It takes the electrolyser CAPEX and balance of plant, the electricity price and consumption, operating hours and availability, water, operation and maintenance, stack degradation and replacements, inflation and the cost of capital (WACC). Every input is printed with its origin, so the result can be defended line by line.

Frequently asked questions

Which inputs move the LCOH the most?

In most green hydrogen projects, the electricity price and the operating hours weigh the most, followed by the electrolyser CAPEX and the cost of capital. The sensitivity chart shown with each result gives the order for your own project.

Can I use it without paying?

Yes. A free account includes 10 calculations a month and one sealed LCOH report, with a work email. The techno-economic analysis, Monte Carlo and unlimited reports are available at no cost through our pilot programme, with limited places.

How is the result checked?

Each sealed report carries a SHA-256 fingerprint. Anyone can check it on the verification page without an account, and the report states the versions of the model and the methodology.

How to calculate the LCOH: formula and example → · PEM or alkaline: what changes in the cost → · The methodology, step by step →