A novel integrated system comprising plasma gasification, small modular reactor (SMR) power generation, pressure swing adsorption (PSA) hydrogen production, and Cu–Cl cycle thermochemical hydrogen generation has been proposed for combined electricity and hydrogen co-production. In this innovative configuration, the high-temperature syngas generated by the plasma gasifier is first cooled by the steam from the SMR power plant. It subsequently undergoes water gas shift and is purified using a PSA unit to yield hydrogen product. Meanwhile, the steam generated by SMR is utilized entirely for power generation during daytime peak hours while during night time off-peak hours, a portion of the steam is diverted to provide heat for the Cu–Cl cycle, thereby facilitating load leveling. A comprehensive assessment of the hybrid system has been conducted from both thermodynamic and economic perspectives. Under two operational modes the efficiency of medical waste-to-energy efficiency reaches 63.75 % (daytime) and 63.58 % (night time), with exergy efficiencies of 45.31 % (daytime) and 44.17 % (night time). Furthermore, the net present value (NPV) of the new design is 81,727.18 k$, dynamic payback period (DPP) of 4.34 years and an internal rate of return (IRR) of 41 %. These results substantiate the feasibility of the design from thermodynamic and economic standpoints.