The application of hybrid renewable energy systems (HRES) has been gaining ground in the recent years due to low-carbon policies of nations and increasing energy demand. However, marine energy sources such as waves have remained untapped notwithstanding their significant potential. This research examines the feasibility of a hybrid wave-photovoltaic (PV) system in three ports of Iran namely Bandare Anzali, Bandare Torkaman and Noshahr on the shores of Caspian Sea using MATLAB/Simulink. Oscillating water column (OWC) converters are deployed to harvest the wave energy. The findings indicated that the maximum energy production occurs in May, while the minimum is in November for all the locations under study. The annual energy generation reaches 11607.4 kWh, 13419.2 kWh and 11885.6 kWh in Anzali, Torkaman and Noshahr, respectively. The levelised cost of electricity (LCOE) for Anzali, Torkaman and Noshahr was found to be 5.59 $/kWh, 4.83 $/kWh and 5.46 $/kWh, respectively, which shows that Torkaman is the best place for the installation of the hybrid system. Considering the economic conditions in Iran, the system is not economically viable. It is, however, anticipated that with the elimination of energy subsidies in the near future, these systems can be feasible.