Electrical energy becomes necessary for human being. Generation of electrical energy mostly depends on fossils fuel, they are limited in nature and also responsible for environmental pollution. Renewable energy resources provides a better alternative for future,In comparison to conventional energy resources economical aspect is a major issue of renewable energy sources with the feasibility and efficiency. These limitations are tried to overcome by deployment hybrid renewable energy resources. There are certain criteria to analyze and implement the sized, optimized and cost efficient system. This paper focus on hybrid energy systems based on solar photovoltaic (PV) and wind resources. This paper shed lights on various parameters of economic feasibility, sizing strategies with logical advancements to enhance their utilization, future prospects, and their arrangement. Strategies to develop an effective storage system is also presented here.A brief review on developments in optimization techniques, reliability index and cost analyzing techniques for hybrid renewable energy systems are also presented.