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Electrical energy becomes necessary for human being. Generation of electrical energy mostly depends on fossils fuel, they are limited in nature and also responsible for environmental pollution. Renewable energy resources provides a better alternative for future,In comparison to conventional energy resources economical aspect is a major issue of renewable energy sources with the feasibility and efficiency. These limitations are tried to overcome by deployment hybrid renewable energy resources. There are certain criteria to analyze and implement the sized, optimized and cost efficient system. This paper focus on hybrid energy systems based on solar photovoltaic (PV) and wind resources. This paper shed lights on various parameters of economic feasibility, sizing strategies with logical advancements to enhance their utilization, future prospects, and their arrangement. Strategies to develop an effective storage system is also presented here.A brief review on developments in optimization techniques, reliability index and cost analyzing techniques for hybrid renewable energy systems are also presented. [ABSTRACT FROM AUTHOR]

• The techno-economic analysis is carried-out for hybrid energy system for rural consumer. • Investigation of suitable storage technique is performed for optimal hybrid energy system. • The optimization and designing is performed for the four different domains. • The Feasibility valuation of standalone solar Photovoltaic/Wind Turbine hybrid energy system is performed for different locations in India. • A unique social and environmental aspect has been addressed. This article investigated an economical hybrid solution while meeting the residential community load for the best storage technology in the backward regions of India. In this way, the financial and technical aspects of standalone hybrid renewable energy system are analysed, considering the environmental benefits of standalone PV/WT/DG/BS configurations. Lead-Acid Flow (LAF) based technology is found suitable among considered battery-storage. The optimised Hybrid arrangement shows the lowest COE and NPC as 0.192 $/kWh and 1, 23,851 $. The Renewable fraction is found higher in optimal system 93.3%.In addition, the feasibility analysis of solar, wind, and diesel generator associated with Lead Acid Flow-based technology is performed for three different climate locations in Northern and Eastern India. The validation of an optimised hybrid energy system is performed for the rural locality's combined residential and agricultural load. The PDAV tool, interlinked with HOMER- Pro software, executes the renewable resource assessment. India's northern – Tarai region has been found most suitable for the optimised hybrid arrangement PV / WT / DG / LAF with the lowest COE (0.183 $/kWh) NPC (2, 33,276 $) and renewable fraction (94.9 %).The feasible optimised arrangement is further analysed for utilisation of excess produced energy to improve social parameters. The social parameters included here for the analysis with sensitivity analysis and energy balance for different seasons. [ABSTRACT FROM AUTHOR]