To mitigate greenhouse gas emission and cost of electricity at Mewar University, this study proposes an optimized microgrid design integrating PV solar panels, wind turbines, diesel generators, and grid connectivity, utilizing HOMER software for optimization. The system would purchase 3,827,194 kWh annually from the grid during low renewable output periods and sell 167,761,193 kWh annually during surplus production. This design achieves a levelized cost of energy (LCOE) of $0.00146/kWh and a return on investment (ROI) of 10.1% (approximately 9.9 years), with total component expenditure of $16,207,384, covering capital investments, operations and maintenance (O&M), and fuel costs. Solar photovoltaics contribute 83% of the annual production, with the remaining 17% from the grid and wind turbines, establishing the system as cost-effective and environmentally friendly due to its heavy reliance on renewable energy sources (RES). Comprehensive feasibility, technical, economic and sensitivity analysis confirm the viability of implementing this proposed system.