With the increasing use of renewable energy sources and decentralized power systems, certain challenges have emerged in meeting consumers’ electrical energy demands. The intermittent nature of renewable energy generation means that it cannot always align with consumers’ needs, resulting in periods of excess energy production when it is not required. To bridge this gap between production and consumption, energy storage systems are necessary. This paper defines the work of an isolated microgrid, which consists of renewable sources (wind and PV) for energy production, households with electric vehicles as consumers, and a combined storage system. This storage system is made from batteries, hydrogen storage, and a control system that defines the best use of the storage. Stored energy is utilized through fuel cells to generate electricity for consumption when renewable sources cannot meet the demand. This paper presents the principles of electrolysis and models of individual elements within such a system, as well as the definition and principle of control of the system functionality based on rules and conditions. The proposed control system aims to increase the energy storage lifecycle by deciding when and how to utilize which type of storage and define a self-sufficient microgrid based on renewable sources of production. An economic analysis of the storage part of the system was carried out in which the levelized cost of energy stored and the NPC of the storage systems are calculated. A simulation of the system’s operation is conducted using one-hour measurements of wind turbines, solar panels, and household consumption in Serbia. To analyze the system’s behavior, a one-week time horizon is considered.