This paper presents a mathematical programming approach for the strategic planning of hydrogen production from renewable energies and its use in electric power generation in conventional technologies. The proposed approach aims to determine the optimal selection of the different types of technologies, electrolyzers and storage units (energy and hydrogen). The approach considers the implementation of an optimization methodology to select a representative data set that characterizes the total annual demand. The economic objective aims to determine the minimum cost, which is composed of the capital costs in the acquisition of units, operating costs of such units, costs of production and transmission of energy, as well as the cost associated with the emissions generated, which is related to an environmental tax. A specific case study is presented in the Mexican peninsula and the results show that it is possible to produce hydrogen at a minimum sale price of 4200 $/tonH2, with a total cost of $5.1687 × 106 and 2.5243 × 105 tonCO2eq. In addition, the financial break-even point corresponds to a sale price of 6600 $/tonH2. The proposed model determines the trade-offs between the cost and the emissions generated.