Nowadays renewable resources are increasingly playing a big role, especially in remote rural areas where grid power is unavailable. Moreover, it is not feasible to rely on a single renewable energy source at such locations since individual renewable is usually stochastic. Hence, it is essential to have a provision of reliable and cost-effective hybrid renewable energy systems. Such hybrid systems are in general more reliable due to the use of multiple renewables in a single system. But it is still a challenge to determine a cost-effective combination of different renewable in an economically viable hybrid system that is suitable for a particular location. Therefore, in this paper, various configurations of hybrid renewable energy systems such as PV/battery/Wind, Wind/battery and PV/battery etc. are evaluated to assess the reduction in the cost of energy and least Net Present Value (NPV) of the energy provided by them in rural areas of Telangana district in Southern India. India stood in fourth place in Wind and total renewable power generated and in fifth position in solar power in 2020. Given this attainment and the fact that India is largely a rural-area dominant country, this paper presents the economic evaluation of various above con-figurations of hybrid energy systems using HOMER software (ver 3.14.5). The obtained results show that the best cost-effective hybrid energy configuration is PV/Wind/battery with a Net Present cost of INR 30.3 M and a Cost of Energy 38.75 INR/kWh.