The integration of various renewable energy sources as well as the liberalization of electricity markets are established facts in modern electrical power systems. The increased share of renewable sources within power systems intensifies the supply variability and intermittency. Therefore, energy storage is deemed as one of the solutions for stabilizing the supply of electricity to maintain generation-demand balance and to guarantee uninterrupted supply of energy to users. In the context of sustainable development and energy resources depletion, the question of the growth of renewable energy electricity production is highly linked to the ability to propose new and adapted energy storage solutions. Recent advancements in hydrogen technologies and renewable energy applications show promise for economical near to conversion to a hydrogen-based economy. As the use of hydrogen for the electric utility and transportation sectors. This paper briefly discusses provides a historical perspective for hydrogen production and the role of hydrogen as an energy carrier, discusses hydrogen economy, the process of electrolysis for hydrogen production (especially from solar and wind technologies). A comprehensive techno/socio/economic study of long term hydrogen based storage systems in electrical networks is addressed. the excess produced hydrogen during high generation periods or low demand can be sold either directly to the grid owners or as filled hydrogen bottles. The affordable use of Hydrogen-based technologies for long term electricity storage is verified. The results indicate that ample resources exist to produce Hydrogen from wind and solar power. However, hydrogen prices are highly dependent on electricity prices.