Some regions of the world with high solar irradiation conditions have a growing demand for electricity and freshwater that could cause supply problems in the industries and population. To reduce this risk, the use of solar energy to generate electricity and freshwater is an interesting option to consider. Electricity could be generated from concentrated solar power (CSP) plants fuelled by solar energy and natural gas, while freshwater could be produced from multi-effect distillation (MED) and reverse osmosis (RO) technologies driven by thermal energy and electricity, respectively. An exergy cost analysis of the integration of two desalination technologies (MED and RO) with a CSP plant is carried out to compare in terms of exergy cost. The symbolic exergoeconomics method is applied in the configurations analyzed. The different configurations are evaluated in a representative region with high irradiation conditions. Results show that the best configuration for producing electricity and freshwater is achieved when the stand-alone RO plant is connected to the grid where the unit exergy cost of electricity and water is 31% and 54% lower than in the stand-alone CSP plant and stand-alone MED, respectively. However, CSP-MED is the recommended configuration for the solar cogeneration scheme evaluated. Additionally, the most influential components in the cost formation of electricity are solar collectors (46.6% in CSP-MED and 44.3% in CSP-RO) while for freshwater they are solar collectors (27.6% in CSP-MED and 42.0% CSP-RO), multi-effect distillation module (15.7% in CSP-MED), and reverse osmosis module (20.5% in CSP-RO). In these components the design should be improved to reduce the unit exergy cost of electricity and freshwater.