This paper presents a new 1-ϕ multilevel inverter topology, which requires a reduced number of switching components, leading to a reduction in the overall expenditure, and enhances reliability for 1-ϕ applications. Without employing any additional H-bridge circuit, the proposed topology can generate both positive and negative polarity output with reduced switching losses and voltage stress. A detailed comparison with some of the prominent multilevel inverters has been presented, which indicates the superiority of the proposed inverter in terms of its design. In addition, to mitigate the harmonics content in the output response, the fundamental sine quantized switching technique has been incorporated into the proposed configuration. The operation and performance of the proposed multilevel inverter have been ascertained by MATLAB/SIMULINK simulation. Finally, a 21-level experimental prototype has been developed to validate theoretical analysis and exhibit the merits of the proposed topology.