The integration of renewable energy systems is essential to reducing dependence on fossil fuels and enhancing grid stability. This study compares two photovoltaic-based energy configurations for a mountain community near a pumped hydro plant: floating photovoltaics (FPV) coupled with pumped hydro storage (PH) and rooftop photovoltaics (RPV) with battery energy storage (BESS). Both configurations were evaluated under two energy management strategies: an energy-based strategy (ENEBM), which maximizes self-consumption, and an economics-based strategy (ECOBM), which optimizes costs. The results highlight that FPV benefits from an optimal tilt angle and lower operating temperatures, achieving 5.56% higher annual energy production than RPV. While BESS offers higher efficiency (90%) than PH (64%), the PH system’s greater capacity (67 MWh vs. 10.1 MWh) allows for better cost optimization. The ECOBM strategy proves economically advantageous, reducing energy costs by 25.6% in FPV + PH and 8.83% in RPV + BESS. Additionally, emissions decrease significantly under ECOBM, with FPV + PH achieving a 15.9% reduction, compared to only 1.4% for RPV + BESS. Overall, FPV + PH demonstrates superior performance in energy production, cost savings, and emissions reduction, making it a feasible alternative to RPV + BESS, particularly for renewable energy communities. However, regulatory barriers and deployment challenges must be addressed to fully unlock its potential.