This work presents an economic analysis of a hybrid renewable energy source (HRES) integrated with an energy storage system (ESS) using batteries with a new proposed strategy. Here, the HRES system comprises wind turbines (WT) and a photovoltaic (PV) system. The hybrid WT, PV and energy storage system with battery offer several benefits, in particular, high wind generation utilization rate, and optimal generation for meeting supply-demand gaps. The real recorded data of various parameters of a 22 KV hybrid ‘Regen’ feeder of 110/22 KV Vagarai Substation of TANTRANSCO in Palani of Tamilnadu in India was gathered, studied for the entire year of 2018, and utilized in this paper. The proposed strategy is the hybridization of two algorithms called Radial Basis Function Neural Network (RBFNN) and Oppositional Elephant Herding Optimization (OEHO) named the RBFNOEHO technique. With the help of RBFNN, the continuous load demand required for the HRES and be tracked. OEHO is used to optimize a perfect combination of HRES with the predicted load demand. The aim of the proposed hybrid RBFNOEHO is to study the cost comparison of the HRES system with the existing conventional base method, energy storage method (ESS) with batteries and with HOMER. The proposed Hybrid RBFNOEHO technique is evaluated by comparing it with the other techniques; it is found that the proposed method yields a more optimal solution than the other techniques.