In this paper, a novel solar-based combined cycle with hydrogen production is proposed and assessed with thermodynamic and exeroeconomic analyses. This cycle is an externally fired combined cycle that uses biomass as a fuel in combination with a photovoltaic/thermal (PVT) solar collector system. Hydrogen can be used in a combustion chamber as a supplemental fuel when it is not used independently. Some of the important findings are that increasing the PVT area (1) decreases the cycle energy and exergy efficiencies, (2) increases the investment cost rate of system components, and (3) decreases the CO2 discharge rate. The results are for the optimum energy efficiency point and a PVT area of 400 m2, which is a moderate size. Increasing r p results in a maximum point for the total unit product cost at around r p = 7. But the range of difference is minor for a PVT area of 900 m2.