This paper presents a new method to characterize photovoltaic panels. The power electronic converter used is a Pulse Density Modulation (PDM) inverter. In this method, the inverter plays two roles: First, it is a DC inductor emulator. Second, it allows assembly between inductive and capacitive load methods. The PDM inverter is adapted to operate at very high switching frequency. In this application, it avoids the difficulties of making DC inductors with high DC current and its control remains very simple. This is an asset for increasing the power, power density and rapidity of tracers based on this method. The main disadvantage of this method, compared to methods based on DC-DC converter, is the use of twice as many semiconductor components. But this disadvantage can be compensated by a gain on reactive components. The simulations and experimental results of the proposed system are shown.