Renewable sources of energy like photovoltaics and wind energy have evolved into smart alternate energy sources for electric utilities as conventional sources are getting scarce and costly gradually. This paper presents a wind-photovoltaic (PV) based energy harvesting scheme which is pertinent for domestic, grid-isolated installations. Wind-PV based generation is especially suitable for regions where availability is low like hilly Himalayan or coastal regions of India. A self excited, single-phase dual-stator winding induction generator (DWIG) with PV based hybrid structure is proposed in the paper. A variable frequency single-phase inverter for the generator provides the variable reactive power required by the generator during load and speed fluctuations during transients. Suitable simulations with experimental results on a 1kW generator validate the proposed approach. The paper also studies the economic considerations of the generation system for cost optimization.