By mining the daily and monthly characteristics of renewable energy, a time series model of wind and PV was presented. Through the Monte Carlo method, several wind and PV time series were produced to depict the hybrid uncertainty of the wind and PV. Based on the hybrid uncertainty constraints of wind and PV, power balance constraint and allowed wind and PV curtailment rate, etc., the profit maximum model of renewable was proposed to optimize the installed capacities of wind power and PV, to ensure the operation economics of wind power and photovoltaic system. The simulations showed that under different allowed wind and PV curtailment rates, the optimal installation capacities of wind power and PV varied significantly. Due to the unique daily characteristics and high installation cost of PV system, the higher total revenue of PV could be achieved with lower curtailment rate and installation capacity of PV systems.