The current study aims to perform a complete assessment of a hydrogen production system from renewable energy sources, specifically solar and wind. The hybrid system energy, exergy, economic and environmental analysis is conducted in line with this aim. The introduced hybrid system consists of PV panels and wind turbines for electricity production and a water electrolyzer for water splitting into hydrogen and oxygen. Moreover, a hydrogen gas compressor and tank are used for hydrogen storage. A case study of the proposed system's implementation in Egypt was conducted using MATLAB/Simulink software to assess its performance and put Egypt on the roadmap of green hydrogen production. The results showed that this system could produce 1,912 kg of hydrogen per year. The whole system energy is 16.42%, and exergy is 12.76%. In economic analysis, five degradation rates with three scenarios are investigated when dealing with electricity production from PV panels and wind turbines because money's worth is unpredictable in the future. This analysis reveals that the minimum and maximum value of LCOE is 0.137–0.219 $/kWh, LCOH is 3.73–4.656 $/kg, and LCOCH is 5.922–7.35 $/kg. The payback period varies from 7 to 13.85 years. CO2 emission reduction over the system lifetime reaches 689.4 tons.