The use of renewable energy with storage systems is particularly important in small and unreliable grids, such as islands. This paper reports sizing of a photovoltaic (PV) power plant with storage system for Middle East Technical University Northern Cyprus Campus through technical and economic analyses. PV system was modeled considering fixed tilted, one axis and two-axis tracking systems using hourly data. Energy storage system was included in the model to overcome the temporal mismatch between the electricity demand of the campus and the electricity supplied by the PV system. The reduction in CO2 emissions by deploying these systems was studied. The results showed that although it would not be economically feasible to meet the entire demand of the campus, a PV system of 4.5 MW with 15 MWh of storage size would generate enough electricity to meet the demand for 83% of the time in a year, yielding the cost of 0.25 USD/kWh.