This paper describes an application of the Strength Pareto Evolutionary Algorithm to the multi-objective optimization of a stand-alone PV–wind–diesel system with batteries storage. The objectives to be minimized are the levelized cost of energy (LCOE) and the equivalent carbon dioxide (CO2) life cycle emissions (LCE). Each solution of the Pareto front is a possible solution for the PV–wind–diesel-batteries system, which can supply the load, but each one has a different LCOE and LCE. Some solutions have low LCOE values, but high LCE values, and vice versa. Results show that the photovoltaic (PV) generator is the most important source of electrical energy for stand-alone systems in Spain and Southern Europe, not only environmentally, but also economically. In some cases, PV is almost the only source of energy, as some solutions of the best Pareto front do not include wind turbines and diesel generators run only a few hours during the year.