Abstract In this paper, an exergoeconomic analysis and optimization of a combined solar and wind energy based system is proposed. The trigeneration system produces ammonia, hydrogen and electricity through integrated solar photovoltaic panels and wind turbines. Also, an ammonia fuel cell unit is utilized for generating power during insufficient available energy. The overall exergetic efficiency is found to be 29.7% and the corresponding energetic efficiency is 28.5% under design conditions. In addition, the total cost rate is obtained as 63,345 $/h. Moreover, multi-objective optimization is performed with various decision variables at different combinations of solar intensities and wind speeds, considering the maximization of exergy efficiency and minimization of total cost rates. The developed system provides better optimal operation points under high wind speeds. The optimal exergy efficiency is found to vary between 10.9% and 38.2% depending on the available solar and wind energy. The corresponding optimal total cost rates vary between 11,959 $/h and 59,755 $/h, respectively. Several parametric studies are also performed to determine the effects of changing system conditions on the thermodynamic and economic performance of the developed system.