Multi-level inverters (MLIs) are the best choice for medium and higher power applications. As the requirement of switches is more for higher levels, its cost and space are high in comparison with two-level inverters. A new structure for sub multi-level inverter (sub-MLI) is proposed with single source module and double source module to reduce power electronic components such as power switches, diodes, and drivers. The recommended cascaded structure is formed by connecting basic sub-MLI units in series to achieve minimum blocking voltage with less cost. In order to increase the voltage levels, the asymmetric topologies with different DC voltage values are also suggested. In addition, an optimal structure is arrived and compared with the conventional topologies to explore its advantages. It is found that the components, blocking voltage, and inverter cost are less. The proposed recommended cascaded structure is designed and analyzed for both symmetric and asymmetric configurations. The prototype is developed and performance of the inverter is experimentally verified for 13 and 31 level outputs. © 2019, © 2019 Taylor & Francis Group, LLC.