A techno-economic study of a stand-alone PV water pumping system for water supply is done in this paper. An optimal design of the system is realized thanks to a double-objective optimization based on a proposed operational strategy of the system and on firefly algorithm (FA). The two objective functions simulated simultaneously using FA are: the function defining the cost of water (COW) and the function which defines the loss of water supply probability (LWSP). The system is designed to supply water to around 328 households in Cameroon, each composed by an average of six (06) persons. For different LWSP, the double-objective simulation determines the optimal configurations of the system with their related cost. The optimal and reliable (LWSP of 0%) system configuration obtained is composed by a number of 7 PV modules, a reservoir volume of 98.4 m3 with 2 days autonomy, a total dynamic head of 40 m, and a pump power of around 1 kW. The related COW corresponding to this configuration is 0.1185 $/m3, and the total investment cost is 27,506 $. The sensitivity analysis of the system revealed that the PV size, the volume of reservoir storage, and the efficiency of the pump influence the system both technically and economically, whereas the total dynamic head only influences the system economically. The validation of the optimized system has been done by comparison with manufacturer datasheets. It is demonstrated in this paper that the techno-economic analysis of energy systems based on multi-objective optimization using firefly algorithm is a powerful tool for decision-making.