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This paper deals with the optimal cost analysis of hybrid renewable energy system (HRES). The optimal cost analysis of HRES is done using Hybrid Optimization Model for Electric Renewable (HOMER). The HOMER energy modeling software is a powerful tool for designing and analyzing hybrid power systems, which contain a combination of conventional generators, cogeneration, wind turbines, solar photovoltaic's, hydropower, batteries, fuel cells, hydropower, biomass and other inputs. It is currently used all over the world by tens of thousands of people. HRES provides the electrical power for a remote located area. In this paper work, real time optimal cost analysis of HRES is done based on the load profile, solar radiation and wind speed which was collected from Mandapam in Ramanathapuram District, Tamil Nadu in India. HOMER is used here to optimize the system based upon the Total Net Present Cost (TNPC). Moreover, the optimization of system is obtained by varying the sensitivity variables like solar radiation, wind speed etc. Cash flow summary of the HRES system is obtained which will be useful for the optimal cost allocation of each individual component present in the system.