Microgrid with integrated photo-voltaics (PV) and battery storage system (BSS) is a promising technology for future residential applications. Optimally sizing the PV system and BSS can maximise self-sufficiency, grid relief, and at the same time can be cost-effective by exploiting tariff incentives. To that end, this paper presents a comprehensive optimisation model for the sizing of PV, battery, and grid converter for a dc microgrid system considering multiple objectives like energy autonomy, power autonomy, payback period, and capital costs. The proposed approach involves developing a holistic techno-economic microgrid model based on variables like PV system power, azimuth angle, battery size, converter ratings, capital investment and electricity tariffs. The proposed method is applied to determine the optimum capacity of a PV system and BSS for two case residential load profiles in the Netherlands and Texas, US to investigate the effect of meteorological conditions on the relative size of PV and battery. Based on the optimisation results, thumb rules for optimal system sizing are derived to facilitate microgrid design engineers during the initial design phase