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Development of Power Pinch Analysis (PoPA) for the design and optimisation of Hybrid Power Systems (HPS) is steadily progressing. Even though PoPA has been developed for a wide range of applications in HPS design and analysis, the economic aspect still needs more attention. Screening of various renewable energy (RE) technologies in HPS is crucial as different technologies may have different cost and efficiencies, and affect the overall system economics. This work presents a novel framework for the design of a cost-effective HPS by incorporating PoPA with a cost-screening tool known as the Systematic Hierarchical Approach for Resilient Process Screening (SHARPS). SHARPS, which was originally developed to screen various process changes options in water networks is adapted to perform economic analysis and RE technology screening in power networks. Two strategies namely substitution and intensification have been proposed, in order to customise a cost-effective HPS. The presented framework provides a handy and effective measure to visualise the trade-off between the performance and cost of various potential RE technologies for HPS. Application of the framework on a case study demonstrates that the HPS design has been successfully customised with the RE technology scheme and capacity acceptable to the owner, while meeting its targeted payback period of 10 y. [ABSTRACT FROM AUTHOR]