Abstract: To address the complexity of traditional multilevel inverter structures and the need to eliminate leakage current, a neutral-point clamped (NPC) five-level grounded inverter is proposed. The proposed topology consists of one DC input source, six power switches, three diodes, and three capacitors, capable of outputting five voltage levels. This design improves output quality, eliminates leakage current, reduces electromagnetic interference and power losses, and enhances the safety and stability of the system. This paper analyzes the inverter topology, operating principles, and self-voltage balancing mechanism. Additionally, a carrier-based stacked modulation strategy suitable for the proposed inverter is presented, along with the parameter selection for the output filter inductor. Finally, simulations are conducted to verify the correctness of the theoretical analysis.