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Electrical energy is one of the key components for the development and sustainability of any nation. India is a developing country and blessed with a huge amount of renewable energy resources still there are various remote areas where the grid supply is rarely available. As electrical energy is the basic requirement, therefore it must be taken up on priority to exploit the available renewable energy resources integrated with storage devices like fuel cells and batteries for power generation and help the planners in providing the energy-efficient and alternative solution. This solution will not only meet electricity demand but also helps reduce greenhouse gas emissions as a result the efficient, sustainable and eco-friendly solution can be achieved which would contribute a lot to the smart grid environment. In this paper, a modified grey wolf optimizer approach is utilized to develop a hybrid microgrid based on available renewable energy resources considering modern power grid interactions. The proposed approach would be able to provide a robust and efficient microgrid that utilizes solar photovoltaic technology and wind energy conversion system. This approach integrates renewable resources with the meta-heuristic optimization algorithm for optimal dispatch of energy in grid-connected hybrid microgrid system. The proposed approach is mainly aimed to provide the optimal sizing of renewable energy-based microgrids based on the load profile according to time of use. To validate the proposed approach, a comparative study is also conducted through a case study and shows a significant savings of 30.88% and 49.99% of the rolling cost in comparison with fuzzy logic and mixed integer linear programming-based energy management system respectively. • The article proposes a hybrid MG with renewable energy sources and energy storage systems (battery and fuel cell). • Develop a novel energy management system using modified grey wolf optimizer (MGWO) with multi objective functions. • Analyzes the load demand and the cost of electricity from the power grid for effective designing of MG at test locations. • A significant savings of 30.88% and 49.99% of the rolling cost in comparison with FL and MILP based EMS respectively. [ABSTRACT FROM AUTHOR]