Integrating renewable energy sources into conventional power system is a solution to the horrendous problems of environmental pollution and global energy crisis. But the uncertain nature of renewable sources inspires the researchers to combine different energy sources as well as energy storage devices to ensure power supply reliability. In this paper, an intelligent energy management system (EMS) algorithm is proposed which dictates the power flow among the hybrid renewable system, energy storage and the grid for two cases. Different energy storage systems are considered. Their suitability for use in the proposed system is evaluated. With the appropriate storage system two different cases are considered for fixed and variable load. Each case is studied for three hypotheses i.e. grid, energy storage and optimal grid and energy storage participation. Optimal participation of both the grid and energy storage systems poses maximum financial benefit of 3190.50 INR and 2513.70 INR for both types of loads. This paper also compares the economic impacts of using solar PV panels and ESSs both in standalone and grid connected modes.