This paper develops a four-step copper-chlorine cycle for hydrogen production with conceptual modification through flash vaporization and evaluates its economic and environmental performances through exergy approach. The flash vaporization method is employed as a new approach for realizing the anolyte separation under vacuum conditions for reducing the thermal requirement of the anolyte separation step and consequently of the overall cycle. A flash vaporization is usually employed commercially for seawater desalination purposes. However, its utilization in a thermochemical hydrogen production process has not been considered previously which is really one of primary novelties of this investigation. The obtained results for the exergoeconomic and exergoenvironmental analyses of the conceptually modified cycle are also compared with those of the existing integrated cycle at the Ontario Tech University. The exergoeconomic analysis of the cycle has also been carried out for the cycle operating with and without waste heat recovery. In this regard, waste heat recovery from a steel furnace has been considered for supplying the required thermal energy for the hydrolysis step. The cost assessment of the cycle is carried out in the Aspen-plus. Compared with the existing cycle, the cycle with the proposed modification results in a lower unit cost of hydrogen. Moreover, a significant reduction in the unit cost of hydrogen is observed when waste heat recovery is considered for the modified cycle. The average unit hydrogen cost for the modified version of the cycle is evaluated to be 4.7 $/kg which reduces to 2 $/kg with incorporation of waste heat recovery. Furthermore, the overall environmental impact of the existing cycle can be potentially minimized by considering the proposed modification through flash vaporization.