The growing use of renewable energy in microgrids introduces uncertainty due to the variable nature of wind and solar generation. This study evaluates the reliability of a benchmark low-voltage microgrid using a probabilistic framework based on Monte Carlo Simulation and statistical modeling of load demand, wind speed, and solar irradiance. System adequacy is assessed using the Expected Energy Not Served (EENS) index. Three mitigation options are examined under the same stochastic conditions: installation of a micro-turbine with renewable curtailment, implementation of demand-side management (DSM), and integration of energy storage. A ten-year economic comparison is also performed to assess long-term feasibility. The results show that renewable generation alone does not fully eliminate supply shortages. DSM reduces deficits effectively with relatively low investment, while the micro-turbine improves reliability at higher capital cost. The contribution of energy storage depends strongly on installed capacity, and under the considered rating, its impact is limited during prolonged deficit periods. The study provides a consistent technical and economic comparison of alternative strategies for improving reliability in renewable-based microgrids.