A consideration of the economic viability of hydrogen fuel production is important in the STEP (Solar Thermal Electrochemical Photo) production of hydrogen fuel. STEP is an innovative way to decrease costs and increase the efficiency of hydrogen fuel production, which is a synergistic process that can use concentrating photovoltaics (CPV) and solar thermal energy to drive a high temperature, low voltage, electrolysis (water-splitting), resulting in H 2 at decreased energy and higher solar efficiency. This study provides evidence that the STEP system is an economically viable solution for the production of hydrogen. STEP occurs at both higher electrolysis and solar conversion efficiencies than conventional room temperature photovoltaic (PV) generation of hydrogen. This paper probes the economic viability of this process, by comparing four different systems: (1) 10% or (2) 14% flat plate PV driven aqueous alkaline electrolysis H 2 production, (3) 25% CPV driven molten electrolysis H 2 production, and (4) 35% CPV driven solid oxide electrolysis H 2 production. The molten and solid oxide electrolysers are high temperature systems that can make use of light, normally discarded, for heating. This significantly increases system efficiency. Using levelized cost analysis, this study shows significant cost reduction using the STEP system. The total price per kg of