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The global climate change and rapidly growing population over the decades are creating an enormous burden on conventional energy sources. Global environmental concern is expected for proper planning of renewable sources to increase a positive impact on global warming. The hybrid renewable energy system is proposed for optimum sizing, costing, quality and reliability of supply for the standalone system. This research study also includes a multi-objective optimization of the net present cost, fuel cost, operating cost and cost of energy of the hybrid system. A hybrid renewable energy system has been designed which includes solar, wind, battery and diesel generator for a standalone off-grid. The simulation and techno-economic analysis of case studies indicate that the hybrid system decreases the operating cost according to meteorological conditions. The employed algorithm for power management, results in minimum use of diesel generator and a reduction in fuel cost. Furthermore, the proposed system shows better results when analyzed for loss of power supply probability, renewable factor, carbon content and sensitivity. Thus, the proposed model proves that minimum utilization of diesel generator requires maximum utilization of renewable energy sources, thereby reducing the emission of greenhouse gases and reducing global warming.