The two most critical deciding factors for power consumption are energy efficiency and cost. Power electronic circuits are widely used and play an important role in achieving high efficiency in power distribution to customers and power transfer from source to load. Furthermore, solar energy is abundant, sustainable, and pollution-free in nature. Power electronic circuits are used in high-power applications with voltages ranging from a few millivolts to thousands of volts and wattages ranging from a few mW to megawatts. This paper examines a variety of inverter topologies and their modeling, as well as a comparison of single-stage and multi-stage/inverter topologies depending on the application. The main aim of control techniques is to keep Total Harmonic Distortion (THD) to a minimum and the switching frequency within the permissible range so that inverters for renewable energy sources, electric vehicles, uninterruptible power supply (UPS) systems, and hybrid energy storage systems can work efficiently. Plug-and-play, adaptability, self-awareness, and other features should all be included in a smart inverter. Based on the findings of this comparative analysis, selection criteria are established. This comparative analysis can be used to develop selection criteria for choosing inverter circuits for the various applications described in this paper. © 2021 by the authors. Licensee MDPI, Basel, Switzerland.