Constant rise in energy consumption that comes with the population growth and introduction of new technologies has posed critical issues such as efficient energy management on the consumer side. That has elevated the importance of the use of renewable energy sources, particularly photovoltaic (PV) system and wind turbine. This work models and discusses design options based on the hybrid power system of grid and battery storage. The effects of installed capacity on renewable penetration (RP) and cost of electricity (COE) are investigated for each modality. For successful operation of hybrid power system and electricity trading in power market, accurate predictions of PV power production and load demand are taken into account. A machine learning (ML) model is introduced for scheduling, and predicting variations of the PV power production and load demand. Fitness of the ML model shows, when employing a linear regression model, the mean squared error (MSE) of 0.000012, root mean square error (RMSE) of 0.003560 and R2 of 0.999379. Using predicted PV power production and load demand, reduction of electricity cost is 37.5 % when PV and utility grid are utilized, and is 43.06% when PV, utility grid, and storage system are utilized.