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Summary The aim of this research is to analyze the techno‐economic performance of hybrid renewable energy system (HRES) using batteries, pumped hydro‐based, and hydrogen‐based storage units at Sharurah, Saudi Arabia. The simulations and optimization process are carried out for nine HRES scenarios to determine the optimum sizes of components for each scenario. The optimal sizing of components for each HRES scenario is determined based on the net present cost (NPC) optimization criterion. All of the nine optimized HRES scenarios are then evaluated based on NPC, levelized cost of energy, payback period, CO2 emissions, excess electricity, and renewable energy fraction. The simulation results show that the photovoltaic (PV)‐diesel‐battery scenario is economically the most viable system with the NPC of US$2.70 million and levelized cost of energy of US$0.178/kWh. Conversely, PV‐diesel‐fuel cell system is proved to be economically the least feasible system. Moreover, the wind‐diesel‐fuel cell is the most economical scenario in the hydrogen‐based storage category. PV‐wind‐diesel‐pumped hydro scenario has the highest renewable energy fraction of 89.8%. PV‐wind‐diesel‐pumped hydro scenario is the most environment‐friendly system, with an 89% reduction in CO2 emissions compared with the base‐case diesel only scenario. Overall, the systems with battery and pumped hydro storage options have shown better techno‐economic performance compared with the systems with hydrogen‐based storage.

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