Considering the potential of renewable resources in the Persian Gulf islands, this study proposed a hybrid system in two scenarios of limited and unlimited generators. Also, the five wave energy converters’ technical and economic impact was evaluated as a new approach to sustainable electricity generation. In addition, a comprehensive sensitivity analysis was provided for the net present cost relative to cost changes of wave converters. Results indicated that in the scenario of limited generator, the hybrid system, including the photovoltaic panel, the diesel generator, and the Wavestar wave energy converter with a cost of energy 0.224 $/kWh and net present cost of 11 M$ and the unlimited scenario, the photovoltaic panel, the diesel generator, and AquaBuOY wave energy converter hybrid system with the cost of energy 0.209 $/kWh and net present cost 10.3 M$ are the most optimal scenarios. Also, the OWC-SPA converter had the largest electricity generation among the five selected converters. In addition, in the optimal scenario, the cost of energy of the Wavestar wave converter was 0.385 $/kWh, and in the second scenario, the cost of energy of the AquaBuOY wave converter was 2.05 $/kWh. The cost of energy for the photovoltaic panel was 0.0244 $/kWh and it was 0.0394 $/kWh for diesel generator. Finally, the range of changes in the net present cost was estimated from 10.3 M$ to 13.9 M$, despite the fluctuations in wave converter costs.