To address the issue of wind and solar curtailment caused by the expansion of China’s new energy generation industry, this paper introduces a hydrogen energy storage system in conjunction with wind and solar photovoltaic power generation to establish an integrated new energy generation project. To tackle the budget deficit problem, it proposes to combine the carbon certified emission reduction market (CCER) with the integrated project to construct a market trading model. To assess the levelized cost of electricity (LCOE) for the project, based on the existing foundation of wind and solar power generation, it introduces the costs of the hydrogen energy storage system and the benefits from “hydrogen-electricity”, hydrogen, oxygen, and carbon emission, establishing an optimized model for optimizing the levelized cost of electricity (OLCOE). Taking a wind and solar power plant in a northwestern province of China as an example, three profit scenarios are set, and the OLCOE is calculated. A model that aligns with actual benefits is selected, using the traditional coal-fired grid electricity price as the new energy grid electricity price. Sensitivity analyses are conducted with different hydrogen and carbon emission pricing to further investigate the profit potential of the integrated power generation project. The research indicates that multi-market assistance not only enhances the profit potential of the integrated new energy generation project but also compensates for high construction costs, thereby improving project feasibility. Additionally, effective implementation of sustainable development policies and technological advances will further drive the development of the project.