In recent years, emphasis has been given on Renewable Energy based Microgrid (μGrid) systems because of their few advantages over Micro-generation (μGen) systems in terms of power quality, stability, reliability, economics etc. But the commercial installation of μGrid system is not yet progressing significantly. This paper presents the techno-economic aspects of μGen and μGrid system towards the sustainability study of grid connected Community Based Microgrid (C-μGrid) system. Emphasis has been given to identify the technical stability by introducing storage system and economical benefits of C-μGrid over the individual μGen system. As a case study, wind turbine based μGen and C-μGrid system both grid connected and off-grid have been considered. Ireland has been chosen as a geographical location where wind based μGen system is not yet very popular with Government REFIT (Renewable Energy Feed-in-Tariff) policy.