This study explores the effects of using industrial-grade raw materials on the hydrogen storage properties of body-centered cubic (BCC) solid solution alloys. Industrial scrap metals were chosen as the raw material, and the desired alloys were synthesized using a vacuum arc melting furnace. Instead of using pure vanadium (V), different inexpensive industrial substitutes such as low-grade vanadium (V), vanadium nitride (VN), vanadium oxide (VO), and ferrovanadium (FeV) were utilized. The crystal structure, morphology, first hydrogenation, thermodynamics, and cyclability of the prepared alloys were analyzed by using XRD, SEM-EDS, and XPS methods. The crystal structure and morphology analysis revealed multiphase alloys in all the prepared alloys and a Ti rich third phase in the VN sample, which was absent otherwise. The first hydrogenation was performed at room temperature under a hydrogen pressure of 2 MPa without any prior heat treatment. The VO alloy displayed negligible hydrogen absorption during first hydrogenation, while the V, VN, and FeV alloys showed maximum hydrogen storage capacities of 3.49 wt%, 2.47 wt%, and 2.18 wt%, respectively. The presence of oxygen hinders the activation of the VO alloy and requires two activation cycles to activate the sample. A short-term cyclability analysis showed a reversible hydrogen storage capacity of 2 wt%. The change in enthalpy of hydrogen absorption and desorption for V alloy were calculated to be −36.73 ± 8.6 and 57.34 ± 8.3 kJ/mol H2, respectively. One of the prominent advantages of utilizing scrap raw materials was the substantial reduction in overall raw material costs, which saw an impressive 95% decrease when compared to using pure raw materials. These results highlight the economic benefits of incorporating recovered industrial scrap into hydrogen storage alloys.