In this study, energy, exergy and cost analyses of a continuous type hybrid photoelectrochemical hydrogen production system are performed, and the comparative results are presented. The proposed system has the advantage to eliminate generating waste by converting by-products into commercially viable products. In addition to hydrogen, the system generates Cl-2 and NaOH as useful commodities which are desired by various industries. The proposed system is designed to have an annual production capacity of 2.8 kg hydrogen per square meter of heliostat with a production cost of $1/kg hydrogen produced. In addition to converting the by-products into usable commodities, the system emits no pollutants during operation. Copyright (C) 2014, Hydrogen Energy Publications, LLC. Published by Elsevier Ltd. All rights reserved.