Global warming and climate change, primarily driven by greenhouse gas emissions, present significant global challenges. Addressing these issues requires substantial reductions in greenhouse gas emissions. This study provides a technical and economic evaluation of hydrogen production from solar energy, utilizing a proton exchange membrane (PEM) electrolyzer and the vanadium chloride (V-Cl) thermochemical cycle. The solar power tower unit supplies the necessary energy to drive a cascaded Organic Rankine Cycle (CORC) for power generation, as well as a thermochemical hydrogen production unit, enabling the cogeneration of electricity and hydrogen. All power generated by the CORC is directed to the PEM electrolyzer for hydrogen production, resulting in dual hydrogen production capabilities within the system. Feasibility assessments are conducted using thermodynamic principles and exergy-based analyses, while economic evaluations gauge the system’s performance. Moreover, multi-objective optimization is employed to determine the optimal operational conditions of the system. At the optimal point, the system achieves a hydrogen production rate of 125.029 kg/h, an energy efficiency of 39.66%, and an overall cycle cost rate of 120.937 $/h.