Green hydrogen holds promise as a zero-carbon fuel if production costs are low enough. We specify the production cost of hydrogen for Proton Exchange Membrane (PEM) electrolysers using universally applicable equations. Hydrogen production costs are determined for combinations of electricity costs, electrolyser capital costs and capacity factors. Based on a range of end-uses, we identify conditions under which green hydrogen will be cost-competitive with traditional fuels. Applications of hydrogen in transportation are closer to cost competitiveness than power generation. Further reductions in costs of renewable energy generation and electrolyser equipment are needed for other uses of green hydrogen to be commercially competitive. In the near-term, there is promise for low-cost green hydrogen production when electrolysers are co-located with renewable energy parks to use electricity that may otherwise be curtailed.

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