Inverters are DC to AC power converters that are widely used in AC motor drives and distributed energy generation systems. Multi-Level Inverters (MLIs) have emerged as the preferred inverter technology because of their advantages of reduced switching losses and better harmonic profile. This paper deals with the Minimization of Total Harmonic Distortion (MTHD) of Symmetric Cascaded H-bridge Multi-Level Inverter (SCMLI) and Asymmetric Cascaded H-bridge Multi-Level Inverter (ACMLI). A hybrid memetic algorithm composed of heuristic PSO (Particle Swarm Optimization) algorithm and traditional MAS (Mesh Adaptive direct Search) is proposed to optimize the switching angles. In Photo Voltaic (PV) system, the input DC voltage generally varies from its nominal value due to the change in temperature and irradiance. Thus, the sensitivity analysis of THD and harmonics is also carried out considering the variations with non-integer magnitudes of input DC sources. The experimental prototype of SCMLI and ACMLI topology is developed and validated with simulation results. The reliability and Mean Time to Failure (MTTF) of SCMLI and ACMLI are investigated based on power losses of the MOSFET and thermal parameters.