Among the various inverter structures, multilevel inverters are widely used in photovoltaic systems today due to their numerous advantages. However, different performance indicators provide multiple options for photovoltaic systems, each with specific strengths and limitations. In this paper, two common topologies—Neutral Point Clamped (NPC) and Cascaded H-Bridge (CHB)—are evaluated at five and nine levels. The comparison covers several criteria including structural complexity, number of components, type of DC sources, electrical losses, weight, and cost. In addition, performance-related indicators such as Total Harmonic Distortion (THD) and compliance with grid-connection standards are studied. Simulation-based evaluations were conducted using Matlab, with an induction motor used as a reference load to analyze losses under varying mechanical conditions. Filtering requirements were also considered to ensure THD remains below the 5% threshold. Ultimately, the results show that although increasing the number of voltage levels improves output quality, it significantly increases the weight and cost. After including the filter design, the 5-level NPC inverter demonstrated the best overall performance, offering a suitable balance of efficiency, compliance, cost, and structural simplicity for photovoltaic applications.