Power electronic converters are commonly used for electrical energy conversion. The requirement of a boosting aspect for the power electronic converter is essential for solar PV, Fuel cell, and Battery based applications as the generated voltage is of low voltage magnitude. Additional requirements for power electronic converters are a reduced number of power-electronic semiconductors, balanced capacitor voltage, and improved efficiency with better power loss sharing among the switches. The project concerns the development of a new multilevel inverter structure and optimized modulation technique to achieve an efficient multilevel inverter with low production costs. This project aims to develop a new isolated multilevel inverter topology to produce 15 levels of output voltage using fewer components count. The envisaged configuration includes two cells, designated as main and auxiliary cells. The main cell includes a standard H-bridge, and the auxiliary cell is switched capacitor-based 5-level inverter to generate single-phase AC output voltage. Both cells are supplied from a single input dc source. The output voltage of the auxiliary is added to the output voltage of the main cell using a single-phase isolation transformer. The proposed single-phase isolated converter requires reduced switches to generate 15-level ac output voltage with a voltage gain of 7. Comparatively, the switches connected in the proposed converter undergo less voltage stress as compared to the MLIs reported in the literature. Compared to the alternative solution, the proposed inverter configuration ensures the maximum number of levels in ac output voltage using a lower number of circuit elements. The proposed topology consists of 13 switches, a single-phase transformer and one switched capacitor are used, which is fed from a single input dc source. The proposed topology with single state power conversion from low voltage DC to high voltage AC is helpful in Solar PV, Fuel cells, EV, and other lower voltage to high voltage driven applications.