The paper proposes a new stochastic multiobjective technoeconomic model for integrating photovoltaic (PV) and wind energy resources in electricity price (EP)‐driven distribution systems. The primary goal of this paper is to determine the optimal location and capacity for renewable energy‐based distributed generation, specifically PV and wind resources, while considering weather and system uncertainties. These uncertainties include stochastic variations in PV illumination intensity, wind speed, EP, and load fluctuations. To address these uncertainties, the paper employs scenario modeling techniques named as Latin hypercube sampling with Cholesky decomposition. This technique generates multiple correlated scenarios that represent uncertain variables. Subsequently, a scenario reduction technique is applied to identify the scenario with the highest probability. Later, a mathematical model is developed to minimize an objective function that encompasses various factors like system losses, node voltage deviations, the cost of purchasing power from the grid; and simultaneously maximize the total annual energy savings. The objective is to find optimal solutions that strike a balance between different objectives. To obtain an efficient optimum solution, this paper employs an effective meta‐heuristic technique named as JAYA algorithm. The results obtained by the JAYA algorithm are juxtaposed with those obtained using particle swarm optimization and genetic algorithm techniques. The proposed method is evaluated using Institute of Electrical and Electronics Engineers (IEEE) 33‐node and IEEE 69‐node test feeders to validate its feasibility and effectiveness. However, the effectiveness of the proposed method is not limited to any size of test systems. [ABSTRACT FROM AUTHOR]