Renewable energy is being promoted amidst rising environmental concerns associated with fossil-fuel usage for power generation. The stock of such fuels is also limited and is fast depleting. Renewable energy sources such as solar photovoltaic (PV) systems present a clean alternative that has become cost-competitive with conventional thermal power generation systems. However, to counter the intermittent nature of solar power and ensure firm power supply, energy storage is essential. This paper presents a comparative analysis of power supply options based on two solar energy technologies - PV and concentrated solar power (CSP). Energy storage in the form of battery and thermal energy respectively has been included and different combinations of supply options, along with utility grid, have been analyzed in terms of the levelized cost of electricity (LCOE). The LCOE values for supplying a particular substation load in India have been compared and it was found that CSP with thermal energy storage emerged to be the economically viable option for supplying the load.