A renewable energy based integrated system with wind turbines and solar photovoltaic arrays to supply power for residential applications is analyzed and assessed energetically and exergetically. In addition, the excess electricity generated by the system is used to produce hydrogen through water electrolysis which is utilized during peak demand periods via a proton exchange membrane fuel cell. Energy is thereby stored as hydrogen. The proposed system is designed for a building in Oshawa and evaluated by considering energy and exergy efficiencies. The effects of various parameters on energy and exergy efficiencies of the system are also investigated. In addition, the levelized cost of electricity and net present cost are determined, and the proposed system is optimised based on these parameters. The overall energy and exergy efficiencies of the proposed system are found to be as 26.0% and 26.8%, respectively. The present simulation results show that the electrolyser produces 1523 kg/yr hydrogen and fuel cell consumes 1492 kg/yr hydrogen. The levelized cost of electricity from the optimised system is $0.862/kWh. (C) 2016 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.