Microgrids are an effective means to provide power to urban and rural communities. Microgrid planning must anticipate both the system's economic feasibility and long-term stability. Due to existing challenging ambitions, limitations, and the uncertainty of renewable energy production, the planning of microgrids is a difficult task. In the present work, a standalone microgrid is planned to integrate solar, wind turbine, diesel generator, and battery for the rural community of the hilly state of Uttarakhand (India). The Feasibility and techno-economic analysis of a proposed microgrid is conducted. The microgrid's performance is investigated using differential evolution and other existing algorithms, particle swarm optimization, and genetic algorithm to ascertain the cheapest option to energize the area. The sizing of components and sensitivity analysis of energy cost with changes in various parameters of the energy system is investigated. The optimization results suggest that the energy cost is $0.16/kWh, with a renewable fraction of 92% and a net present cost of $ 41,078. The obtained results indicated that a renewable-based energy system provides a more effective solution for the electrification of the rural population.