A new inverter topology for single-phase photovoltaic (PV) systems is proposed in this study. The proposed inverter offers a four-level voltage in its output terminals. This feature results in easier filtering in comparison with other conventional two-level or three-level inverters. In addition, the proposed four-level inverter (PFLI) has a transformer-less topology, which decreases the size, weight, and cost of the entire system and increases the overall efficiency of the system. Although the inverter is transformer-less, it produces a negligible leakage ground current (LGC), which makes this inverter suitable for PV grid-connected applications. The performance of the proposed inverter is compared with that of a four-level neutral point clamped inverter (FLNPCI). Theoretical analysis and computer simulations verify that the PFLI topology is superior to FLNPCI in terms of efficiency and suitability for use in PV transformer-less systems.