This paper presents a new five level inverter self-balancing inverter which is applicable for renewable energy applications. The proposed inverter exhibits several unique features such as reduced switching devices, double boosting capacity, optimized total harmonic distortion. One group of the switching devices enables the self-balancing capacity while the other group works for providing a voltage of five level which as a whole enhances overall efficiency as well as reduces complexity. The voltage balancing circuit ensures a fixed voltage over the DC link capacitors, addressing common voltage balancing challenges encountered in multi-level inverters. By strategically activating a combination of specific switches, capacitors C1 and C2 are charged and discharged, allowing for precise control over the output voltage levels. The inverter associates a double boosting capability, significantly reducing the need for an external boost converter, therefore streamlining the system. An improved modulation technique is employed to minimize total harmonic distortion (THD), resulting in improved power quality and reduced switching losses. The calculation regarding the switching angle is also incorporated in this work. In conclusion, the presented self-balancing five-level inverter allows an innovative solution for renewable energy applications, characterized by reduced component count, enhanced voltage control, and improved modulation techniques. These characteristics make it a promising choice for efficient and reliable energy conversion in renewable energy systems.