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Summary This paper presents an efficient framework for power loss reduction (PLR) in distribution networks. The aim of the suggested PLR model is to maximize the benefit earned for every dollar annually paid for the PLR purposes. As a main contribution compared with other works in the area of PLR, the budget constraint is incorporated with the presented model. Furthermore, in this paper, 4 potential alternatives implemented for PLR including distributed generation installation, network reconfiguration, distribution feeders' reinforcement, and installation of capacitor banks are simultaneously employed and subsequently, the optimum portion of each, based on the considered budget limitation, is determined. To solve the formulated PLR model, the integer‐based particle swarm optimization algorithm is utilized. The suggested PLR model together with integer‐based particle swarm optimization has been implemented in MATLAB programming environment structurally integrated with DIgSILENT software. Additionally, simulations are carried out on 2 distribution systems encompassing the IEEE 33‐bus and a 94‐bus real‐world distribution system. The obtained results for both of distribution systems demonstrate that the variation in limitation of budget can change the portion of each of 4 loss reduction alternatives and also the benefit received versus each dollar of annual expenditure. Furthermore, it is comprehended that the more than enough growth in investment cost can potentially decrease the benefit earned versus each dollar of annual cost paid for the PLR implementation.