ABSTRACTThis paper presents a novel single‐source common‐ground switched‐capacitor (CGSC) type dual‐mode five‐level (5L) transformer‐less (TL) multilevel inverter (MLI) topology with inherent boosting capability. The proposed topology comprises a single DC source, nine power switches, and two capacitors with self‐voltage balancing ability, reducing the inverter's size, cost, and complexity. The direct connection of the negative terminal of the source to the neutral point of the load eliminates the leakage current. The converter can operate in both buck and boost mode based on the series–parallel switching conversion of the involved switches. The circuit description, control strategy, and design guidelines are discussed in detail. The steady‐state and dynamic performance of the proposed circuit is validated using MATLAB Simulink software. Reliability analysis of the proposed converter is done in detail. Furthermore, the proposed converter is being compared with state‐of‐the‐art topologies.