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Distributed power generation provides electric power at a site closer to customers. This paper, formulates the problem of optimal utilization of renewable energy options to meet the peak load demand. A Monte Carlo apportioning technique of solar photovoltaic, co-generation, wind power, and small hydro, which considers specific techno-economic constraints, such as capital cost and generation cost constraints, and carbon dioxide emission factors, is described. The proposed method in a single study provides the proportion of the renewable energy sources for maximum generating capacity or lowest generation cost subject to lowest emission or to lowest capital cost.