This paper proposes a stochastic model for optimal energy management with the goal of cost and emission minimization. In this model, the uncertainties related to the forecasted values for load demand, available output power of wind and photovoltaic units and market price are modeled by a scenario-based stochastic programming. In the presented method, scenarios are generated by a roulette wheel mechanism based on probability distribution functions of the input random variables. Through this method, the inherent stochastic nature of the proposed problem is released and the problem is decomposed into a deterministic problem. An improved multi-objective teaching–learning-based optimization is implemented to yield the best expected Pareto optimal front. In the proposed stochastic optimization method, a novel self adaptive probabilistic modification strategy is offered to improve the performance of the presented algorithm. Also, a set of non-dominated solutions are stored in a repository during the simulation process. Meanwhile, the size of the repository is controlled by usage of a fuzzy-based clustering technique. The best expected compromise solution stored in the repository is selected via the niching mechanism in a way that solutions are encouraged to seek the lesser explored regions. The proposed framework is applied in a typical grid-connected micro grid in order to verify its efficiency and feasibility.