you can make hydrogen via other means, directly from sunlight, for example, although admittedly that technology is not here yet.
Hydrosol-2 (see http://en.wikipedia.org/wiki/Hydrosol-2) is an example of solar hydrogen production with no electric current intermediate - it involves high temperatures, so I'm not sure how much energy is lost maintaining that temperature compared to captured producing hydrogen, but it could theoretically be more efficient.