Standalone Hybrid Photovoltaic/Wind Energy (PV/WE) systems shall be sized for minimal cost, considering initial capital, continuous operational, and occasional maintenance costs, beside replacement costs over the life of the system. Two of the most utilized sizing techniques are critical month and algorithmic optimization. Critical month technique ensures energy supply without supply and demand (S &D) issues but at the expense of higher cost while algorithmic optimization requires complex mathematical formulations followed by synthesis of appropriate algorithm. This paper proposes a simple mathematical approach to size cost-effective near-optimal hybrid PV/WE system with battery energy storage (BES) and fossil fuel generator (FFG) without complex formulation and algorithm synthesis. Standalone Hybrid PV/WE system with BES and FFG is sized using proposed method and bench marked against a system in Homer Pro Microgrid Analysis Tool. Three systems are sized ranging from few kilo-watts (kW) to mega-watts (MW) in North America, Europe and Southeast Asia to validate proposed method universality.