Stand-alone photovoltaic (PV) water pumping systems effectively use solar energy for irrigation purposes in remote areas. However the random variability and unpredictability of solar energy makes difficult the penetration of PV implementations and complicate the system design. An optimal sizing of these systems proves to be essential. This paper recommends a techno-economic optimization model to determine optimally the capacity of the components of PV water pumping system using a water storage tank. The proposed model is developed regarding the reliability and cost indicators, which are the deficiency of power supply probability and life-cycle costs, respectively. The novelty is that the proposed optimization model is analytically defined for two-objectives and it is able to find a compromise solution.