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Abstract With the continuous development of the global economy, energy consumption continues to grow, which leads to the increasing scarcity of traditional fossil fuels and exacerbates environmental pollution and global warming. According to the heavy fossil fuel dependency of Fiji energy systems, the Fiji government has advised industries to use more renewable energy facilities. MATLAB software is applied for economic assessment and optimization. The case study is about a water factory in Fiji. The break‐even point and power generation of various power sources in different scenarios for hybrid renewable power generation systems are investigated. The simulation results indicate that the suggested systems have a break‐even point from 4.47 to 4.57 years. The suggested systems achieve a cost of energy (COE) value of $0.253–0.27.