The demand for a reliable, cheap and environmentally friendly source of energy makes the integration of renewable energy into power networks a global challenge. Furthermore, reliability, as one of the core elements of efficient and cost-effective energy management options, is still among the dominant factors/techniques that receive more attention for realistic penetrations of renewable energy into the electricity grid. This paper proposes an efficient way of energy management for a grid-connected microgrid. The grid-connected microgrid used in the analysis consists of solar photovoltaic (P.V.) and battery. In this microgrid configuration, oftentimes, the output power might not be equal to the system demand; in this regard, it is expected that the mismatch between these output powers is not zero. However, to reduce the mismatch between demand and supply to be close to zero, this paper proposes strategies of increasing the rated power of solar, battery and grid separately and combining them with a view of finding the cheapest option among these strategies. The results have shown that the cost increment for different options is USD 280.792, 84.48 and 48.204 for storage, P.V. and grid, respectively. These have shown that the storage option is the most expansive option for improving P.V. grid-connected microgrids. This is followed immediately by the P.V. option, which is weather dependent. On the other hand, the grid option is the cheapest option for system reliability improvement. This paper is expected to be useful to both new researchers and experts who are working in energy management with an emphasis on the reliability aspect.