In this study, the technoeconomic optimization of hybrid renewable energy systems were investigated for a small community with 50 households located in Izmir Institute of Technology (IZTECH) Campus, Izmir. The renewable-based power systems have received significant attentions recently due to the recent effort for the transition from fossil fuels to renewable energy, but their technical and economical feasibilities for different sectors and application areas and the related optimum system configurations haven’t been clearly addressed. To fill this research gap, PV-battery and wind turbine-battery system were analyzed for a small community from technical and economic point of views and the most economic configurations were explored for different level of grid-dependency by using the Loss of Power Supply Probability (LPSP) method. The annual electricity load profile was built in hourly basis based on the monthly total electricity consumption of each house and electricity consumption habits of residents. PV and wind turbine power outputs, the involvement of batteries were modelled in MATLAB/Simulink considering the meteorological data (IZTECH Meteorological Mast and NASA POWER), types of PV panel, wind turbine and battery. The mismatch between energy demand and supply was determined and different hybrid configurations were considered to cover this mismatch to different extents. The optimum number of PV panel, wind turbine and batteries were determined and the levelized cost of electricity were calculated for each scenario. The most economic configuration is the one consisting of 3 wind turbines and 7 batteries with 49.62% energy utilization from the grid.