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Summary: The application of renewable energy sources in electrical energy generation is becoming widespread due to the decrease of installation costs and the increase of environmental concerns. Hybrid power generation systems are advantageous to meet the load demand, but optimal sizing is the main concern for having a cost‐effective system based on given load demand and techno‐economic indicators. This paper proposes a deterministic algorithm and utilizes genetic and artificial bee colony (ABC) optimization algorithms for optimal sizing of PV/battery and PV/WT/battery hybrid systems with minimum levelized cost of electricity (LCOE) constraint for two locations, Nigde and Bozcaada, in Turkey. The loss of power supply probability (LPSP) is used to build a reliable system and to make sure that the system produces required energy. Experimental results showed that optimal sizing of each location is different due to different wind and solar characteristics of locations. PV/battery model is more suitable for Nigde location with 1.22% LPSP and 0.1514 [$/kWh] LCOE, while PV/WT/battery model is more cost‐efficient for Bozcaada location with 1.952% LPSP and 0.0872 [$/kWh] LCOE. Time performances of the algorithms are also investigated. It has been seen that the ABC algorithm has better performance and less execution time. This study demonstrated that heuristic algorithms are more applicable than deterministic algorithms, due to fast discovery of optimal solutions for hybrid renewable energy systems. [ABSTRACT FROM AUTHOR]