This study is performed to show the economic viability of an off-grid isolated renewable energy based power plant to meet the energy demand of a remote area at Kuakata in Bangladesh. A hybrid renewable system is proposed by comparing the feasibility of various combinations of systemcomponents for different sensitivity cases using the hourly load data and the monthly average wind and solar resources. The net present cost (NPC) of this systemis 91,98,357 Tk (1USD=69.34Tk) and the cost of energy (COE) is 22.43 Tk/kWh to meet a load demand of 60kWh/d for domestic use by considering a maximum annual capacity shortage of 5%. This study also reveals that the break even distance of grid extension is about 15 km. This hybrid systemwould help to mitigate 20 t of CO2/yr GHG(green house gas) from the atmosphere by replacing the existing the diesel generator of same power.