Electrolysis and thermochemical water splitting are approaches to produce green hydrogen that use either an electrical potential (electrolysis) or a chemical potential (thermochemical water splitting) to split water. Electrolysis is technologically mature when applied at low temperatures, but it requires large quantities of electrical energy. In contrast to electrolysis, thermochemical water splitting uses thermal energy, as thermal energy can typically be supplied at a lower unit cost than electrical energy using concentrating solar power. Thermochemical water splitting, however, typically suffers from high thermal losses at the extremely high process temperatures required, substantially increasing the total energy required. We show how, by combining electrical and chemical potentials, a novel and cost-efficient water splitting process can be envisioned that overcomes some of the challenges faced by conventional electrolysis and thermochemical water splitting. It uses a mixed ionic and electronic conducting perovskite with temperature-dependent oxygen non-stoichiometry as an anode in an electrolyzer. If solar energy is used as the primary source of all energy required in the process, the cost of the energy required to produce hydrogen could be lower than in high-temperature electrolysis by up to 7%.