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Hydrogen · Excel model · Release 4.6

Green Hydrogen LCOH Model

Compare power and plant designs to see what hydrogen will cost and what selling price the project requires.

For developers, investors and analysts comparing electrolytic hydrogen designs before committing to detailed project work. Connect the power supply, plant operation and financing assumptions in one analysis.

See inside the workbookWhat is included
Generated illustration of modern modular electrolysis stacks and adjacent process auxiliaries.

Inside the workbook

See how the workbook is built.

Start with the model map, then browse the dashboard, inputs, calculations and scenario comparisons.

Explore the modelExcel · v4.6

Green hydrogen model map

Input libraries

  • Project & location
  • Electrolyzer technology
  • Power & hourly profiles
  • Support terms
  • Scenarios & comparisons

Scenario selection

  • One active project

Calculation modules

  • Check the configuration
  • Model hydrogen production
  • Build costs & producer support
  • Calculate cost & required price
  • Test financing & returns

Results

  • Active-case dashboard
  • Scenario comparison
  • Summary & key metrics

Hydrogen · Workbook v4.6

Green hydrogen model map

From electricity and equipment choices to hydrogen cost, required price and investor return.

Input libraries

Project & locationTiming, financing and regional assumptions.Inputs_GLOBALInputs_RegionsWorksheet detail

Inputs_GLOBAL

Shared calendar, timing, financing, tax and other model-wide constants.

Inputs_Regions

Regional prices, grid intensity, tax and cost-of-capital or capital-cost adjustments.

Electrolyzer technologyEfficiency, installed cost, operating limits and stack life.Inputs_ElectrolyzersWorksheet detail

Inputs_Electrolyzers

Electrolyzer capital cost, efficiency, operating limits, degradation and stack replacement assumptions.

Power & hourly profilesSupply configuration, storage, prices and carbon intensity.Inputs_PowerInputs_ProfilesWorksheet detail

Inputs_Power

Generation and storage costs plus the permitted power-supply configurations.

Inputs_Profiles

8,760-hour reference-year solar, wind, grid-price and grid-intensity series, with regional benchmark checks.

Reads from: Inputs_Regions

Support termsInstrument, eligibility, rate, timing and duration.Inputs_IncentivesWorksheet detail

Inputs_Incentives

Nine incentive regimes plus the no-support case: eligibility, timing, rates, currency and conditional award terms.

Scenarios & comparisonsPrepared cases, custom choices and external benchmarks.Inputs_CodesInputs_ScenariosInputs_BenchmarksWorksheet detail

Inputs_Codes

Selector vocabularies, validation lists and tornado driver shifts.

Inputs_Scenarios

Prepared scenario definitions and the editable CUSTOM scenario.

Inputs_Benchmarks

Published unsubsidized renewable-hydrogen cost ranges, including their scope and year.

Scenario selection

Set on the Dashboard

One active projectResolve the selected preset or custom choices into an active parameter set.Inputs_ActiveWorksheet detail

The Dashboard selects the project. Inputs_Active resolves its library values and custom assumptions. This block summarizes scenario control; individual formulas also read other worksheets.

Inputs_Active

Resolve the selected preset or CUSTOM controls into one active parameter set.

Reads from: Inputs_Incentives, Inputs_Regions, Dashboard, Inputs_GLOBAL, Inputs_Electrolyzers, Inputs_Codes, Inputs_Scenarios, Inputs_Power

Hourly profiles and shared libraries also feed calculations directly.

Calculation modules

Check the configurationCompatibility, eligibility conditions and model warnings.CALC_EligibilityWorksheet detail

CALC_Eligibility

Test structural validity, jurisdiction, end use, support window and profile consistency; gate incentive eligibility.

Reads from: Inputs_Active, Inputs_GLOBAL

Model hydrogen productionHourly operation, lifetime output, replacements and emissions.CALC_DispatchCALC_AnnualWorksheet detail

CALC_Dispatch

Dispatch the reference-year electricity system hour by hour: electrolyzer, renewables, battery, imports, curtailment and emissions.

Reads from: Inputs_Profiles, CALC_Annual, Inputs_Active, Inputs_GLOBAL, Inputs_Power

CALC_Annual

Project output and resource use over operating years, including stack ageing, replacement, degradation make-up and three carbon-intensity views.

Reads from: CALC_Dispatch, Inputs_GLOBAL, Inputs_Active

Build costs & producer supportCapital, operation and eligible support cash over project life.CALC_CostsCALC_IncentivesWorksheet detail

CALC_Costs

Assemble capital investment, construction draws, operating costs and replacement costs.

Reads from: CALC_Annual, Inputs_GLOBAL, Inputs_Active, Inputs_Power, CALC_Dispatch

CALC_Incentives

Calculate gated annual production, capital and electricity-support cash under the selected regime.

Reads from: CALC_Annual, Inputs_GLOBAL, Inputs_Active, CALC_Eligibility, CALC_Costs

Calculate cost & required priceConstruction, debt and tax; gross and net cost; target-return price.CALC_FinanceCALC_LCOHWorksheet detail

CALC_Finance

Fund construction and calculate debt service, tax and the base equity cash flow used by the price solve.

Reads from: CALC_Incentives, CALC_Costs, Inputs_GLOBAL, CALC_Annual, Inputs_Active

CALC_LCOH

Compute gross and net levelized hydrogen cost, levered required price, component costs and carbon-economics measures.

Reads from: CALC_Costs, CALC_Finance, CALC_Annual, CALC_Incentives, Inputs_GLOBAL, Inputs_Active

Test financing & returnsDebt capacity, stressed coverage, equity return and IRR validity.CALC_BankabilityCALC_ReturnsCALC_IRRWorksheet detail

CALC_Bankability

Test coverage and debt capacity at the chosen revenue basis, including lender stresses and sculpting.

Reads from: CALC_Finance, CALC_Costs, CALC_Annual, CALC_Incentives, Inputs_GLOBAL, Inputs_Active, CALC_LCOH

CALC_Returns

Calculate investor cash flows, equity return, NPV and other return measures on the selected financing structure.

Reads from: CALC_Bankability, CALC_Costs, CALC_Finance, Inputs_GLOBAL, CALC_Incentives, CALC_Annual, Inputs_Active

CALC_IRR

Count cash-flow roots and show an equity IRR only when the result is unique.

Reads from: CALC_Returns, CALC_LCOH, Inputs_GLOBAL, Inputs_Active

Results

Active-case dashboardRead operating results, unit economics, sensitivities and financing.DashboardWorksheet detail

Dashboard

Choose the active case; read headline metrics, operating and financial charts, and the scenario/tornado data tables.

Reads from: CALC_Returns, Inputs_Codes, CALC_Dispatch, CALC_Bankability, Inputs_Scenarios, CALC_Costs, CALC_Annual, CALC_Finance, Inputs_Benchmarks, Inputs_GLOBAL, CALC_LCOH, Inputs_Active, Inputs_Regions, Inputs_Incentives, CALC_IRR, CALC_Eligibility, CALC_Incentives

Dashboard contains both scenario controls and result displays. Assess circularity at the individual formula level when worksheets reference each other.

Scenario comparisonCompare complete designs and their principal trade-offs.Dashboard_ScenariosWorksheet detail

Preset scenario comparisons refresh on F9. The YOUR case follows the Dashboard controls immediately.

Dashboard_Scenarios

Compare prepared cases, benchmarks and market/return outcomes using native charts and scenario data feeds.

Reads from: Dashboard

This worksheet contains native charts. Their series refer to prepared tables on Dashboard, even where this worksheet itself has no cell formulas.

Summary & key metricsUse a compact record of the selected project and its results.SummaryWorksheet detail

Summary

Printable restatement of the selected case and its headline cost, return and coverage results.

Reads from: Inputs_Active, CALC_Bankability, CALC_LCOH, CALC_Annual, CALC_Eligibility, CALC_IRR, CALC_Returns, Inputs_GLOBAL

Guidance & source evidenceCoverModel_MapInstructionsSources_AuditAppendix_Incentives_GlossaryAppendix_Driver_DefinitionsView worksheet detail

Cover

Purpose, scope, version, conventions and terms of use.

Model_Map

Flow diagram and sheet-by-sheet explanation.

Instructions

Operating workflow, cockpit controls, editable assumptions and interpretation guidance.

Sources_Audit

Material input provenance, basis, evidence grade and source references.

Reads from: Inputs_GLOBAL, Inputs_Power

Appendix_Incentives_Glossary

Narrative explanation of support regimes and their eligibility conditions.

Appendix_Driver_Definitions

What each tornado driver changes, the declared shifts and applicability.

Reads from: Dashboard, Inputs_Codes, Inputs_Active, CALC_Costs, CALC_LCOH, CALC_Bankability

Cost and required price are separate measures.

Production economics and financing are calculated separately; customer prices need market evidence.

Arrows show the main flow between groups. Expand a block for worksheet detail.

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Your analysis in Excel

What would you test?

Which power arrangement suits the plant?

Change the region, power mix and electrolyzer design. Follow hourly operation into utilization, electricity use and hydrogen output.

Where would better assumptions change the case?

Test capital cost, efficiency, replacements and support. Separate changes in the operating design from changes in its financing.

What price does the project need?

Compare gross and net production cost with the required hydrogen price, then test your own financing and offtake assumptions.

The package

A workbook you can use and inspect.

Editable inputs, visible formulas and guidance for building your own case. Checked in Windows Microsoft 365 desktop Excel.

What is included

  • Issued Excel workbook with editable inputs and visible formulas
  • Dashboard for the active case and a separate scenario-comparison dashboard
  • Executive note, technical guide and quick-start guide (PDF)
  • In-workbook sources, instructions and model map
  • License addendum, package readme and SHA-256 manifest
Boundary
Plant-gate electrolytic hydrogen
Time resolution
8,760-hour reference-year dispatch
Scenario coverage
16 prepared designs plus CUSTOM
Geographic library
13 regions
Electrolyzer library
4 technologies; scenario applicability varies
Cost basis
Real 2026 USD per kg H2
Format
Excel .xlsx; no VBA or external workbook links
How the analysis works

Resolve the operating design

Region, electrolyzer, power stack, matching treatment and support regime resolve into one active case. Prepared configurations are starting points; custom selectors bind when CUSTOM is selected.

Dispatch one reference year

The workbook runs 8,760 hours of electricity supply and electrolyzer operation. Hourly dispatch determines utilization, top-up and curtailment for the selected design.

Carry the design into lifecycle costs

Capital, electricity, operating costs, degradation and replacements flow into gross and net levelized cost. Eligibility and policy treatment determine the support included in the net measure.

Test the commercial requirement

The model solves a required hydrogen price under its financing assumptions, then shows returns and coverage indicators at the selected offtake basis.

Know the boundaries.
  • The hourly calculation uses a documented reference-year profile. Test other weather years and power-market conditions separately.
  • The calculation ends at the plant gate. Hydrogen transport, storage and delivery networks require a separate cost assessment.
  • The model includes named preset designs and input libraries. Each new combination of library choices requires checks on physical feasibility and legal eligibility.
  • Designed for screening and decision support. Financial-close analysis, project valuation and detailed engineering require project-specific work.
  • The price solve uses linear sponsor tax with immediate loss use. The separate lender view carries tax losses forward without an 80% limitation. No working capital, decommissioning or salvage is modeled.
  • Prices and costs use the documented real-2026 basis. Check support eligibility, tax treatment and carbon accounting for the project and date; conditional awards remain subject to award.
  • Required price and coverage indicators are calculated thresholds. Financing availability and customer willingness to pay require separate commercial evidence.
  • US storage 48E is a documented omission in this release. The included US battery configurations do not receive that credit.
  • The Australian HPTI result depends on the stated SWIS electricity-accounting conditions. The Canadian results apply to the specified islanded-wind design.
Set up your first scenario
  1. 01

    Open a working copy in Windows Microsoft 365 desktop Excel. Read Cover, Instructions and Model_Map before changing assumptions.

  2. 02

    Start with a prepared scenario on Dashboard. Record the selected case, financing and offtake basis before comparing results.

  3. 03

    Select CUSTOM to activate the relevant custom selectors. Change one assumption at a time and use the driver definitions to interpret sensitivities.

  4. 04

    Follow the workbook refresh instructions, including F9 for scenario data tables. Save the selected inputs and release version alongside exported results.

Which Excel environment is supported?

Validation covers Windows Microsoft 365 desktop Excel. Scenario comparisons use Excel data tables; follow the workbook refresh instructions, including F9 where indicated. Excel for the web, Google Sheets, LibreOffice and Mac Excel require separate validation before use.

Can I adapt the model?

Yes. Work from a copy, use the documented inputs and CUSTOM scenario, and preserve the original release. Formula or structural changes become your modified version and require your own checks. CovalentIQ can scope project-specific adaptation separately.

Model access

License and model access

Use the workbook within your team. If your question needs different assumptions, additional evidence or a tailored analysis, we can scope that separately.

One-time organization license

Perpetual use of the licensed version. Includes any updates released within 12 months. An optional introductory call is available by arrangement.

License and update terms
Direct purchase: Coming soon
Discuss model access

One-time organization license.

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