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As the exhaust rate of the conventional sources has geared up already, this is compelling the power industries to install the power plants based on the non-conventional sources so that future demand of the energy supply can be fulfilled. Among the various sources of renewable energy like wind, hydro, tidal etc., solar energy is the most easily accessible and available renewable energy source. Ensuring the feasibility of any energy source not only technical but also the economical perspective is the most important criteria. This paper has incorporated both the perspective and has done the techno-economic analysis to determine the optimum combination of the PV array size and battery size to minimize the overall electricity generation per unit. In this paper, a standalone solar PV system has been analyzed for the location of Jamshedpur, where an effort has been done to choose the optimum combination of the solar array and battery size within the desired range of LLP so that the electricity generation cost per unit can be minimized. The overall duration of the analysis has been done for a year and the outcome of the research has been verified with the help of MATLAB software.