1$/kWh is only storage for already existing hydrogen. For this application you also need equipment to both produce and burn it which adds to these costs. Hydrogen generation can’t depend on 0$ prices for very long each week in the off season so you either need a lot of excess equipment that’s rarely used or be willing to pay more for electricity. Further, nobody building a grid would be willing to depend on seasonal storage running out on the last day it’s needed. So you need a large guaranteed storage surplus alongside redundancy in your generating capacity.
Start running the numbers and the annual ROI doesn’t look to be even enough to pay for the interest on your setup costs let alone profit. It might have some ultra niche applications but the economics don’t seem to work out for large scale deployment.
