In this study, two new structures of single-phase hybrid multilevel inverter are proposed for both symmetrical and asymmetrical configurations that can be employed in drives and control of electrical machines and connection of renewable energy sources. The proposed configuration uses a less number of semiconductor devices and DC sources as compared with conventional and newly developed topologies which lead to a reduction in cost and installation area. The proposed topology poses a vital advantage of self-voltage balancing of its capacitor voltage regardless of load type, load dynamics and modulation index. Also, the proposed topology is expanded in a cascaded fashion which reduces the complexity and improves the performance significantly. A wide range of comparison is done with conventional and newly developed topologies to show the superior performance of proposed topologies regarding a total number of switches and DC sources. The multi-carrier pulse-width modulation strategy is adopted for generating switching pulses for respective switches. A laboratory prototype is developed for testing the performance of the proposed topology for 9-level and 17-level inverters.