Abstract: In order to investigate the economy of new energy hydrogen production, this study takes the unit cost hydrogen price as the object to build the control equation, and explores the influence of variables such as annual utilisation hours, ratio of subsidised hydrogen electricity to feed-in electricity, ratio of hydrogen installed capacity to new energy installed capacity, unit project cost of hydrogen production, unit project cost of new energy, on the basis of which, the unit cost hydrogen price equivalence point is investigated for the different ratios of subsidised hydrogen electricity to feed-in electricity under both the grid-connected and off-grid modes. On the basis of this, we study the equivalence point of hydrogen price per unit cost under different ratios of subsidised hydrogen price to grid-connected power and off-grid power. The results show that as the ratio of subsidised hydrogen price to feed-in electricity increases, the unit cost of new energy unit project cost is higher for off-grid and grid-connected modes. In addition, a new idea for the orderly development of the green hydrogen industry has been proposed, which is to use part of the profit of the new energy electricity to subsidise the green hydrogen so that its cost is comparable to that of grey hydrogen.