Energy, exergy, economic, exergoenvironmental, and environmental analyses are reported for a novel polygeneration system consisting of a geothermal cycle, a CO2 cycle, a reverse osmosis unit, an electrodialysis unit, a lithium bromide absorption chiller, and a liquefaction unit for natural gas. The proposed system is able to produce electricity, cooling, desalinated water, sodium hydroxide, and hydrogen. To study the environmental aspects of the proposed facility, the associated social cost of air pollution is determined. This parameter implies a comparison between nonrenewable and renewable energy systems to produce the same amount of electricity, while the amount of air pollutants generated and their associated costs are considered. Three scenarios are introduced. The results indicate that the system produces 631 GWh/year electrical energy, 465 GWh/year cooling, 6.22 ton/year NaClO, 1.57 × 108 m3/year hydrogen, and 386,000 m3/year potable water for a geothermal working fluid supplied with mass flow rate of 100 kg/s at a temperature of 150°C and a pressure of 457.5 kPa. Also, the calculated values of the energy and exergy efficiencies are 58.3% and 94.2%, respectively. The payback period is determined to be 5.3 years. The net present value is found to be 113.6 million US$ which is lower than that for all the nonrenewable‐based scenarios considered.