This paper proposes a hybrid transformerless photovoltaic (PV) converter with simultaneous AC and DC outputs. It is specifically suitable for residential PV systems due to its high efficiency, versatility and flexibility, while maintaining lower leakage currents. The proposed converter is configured by replacing the control switch of the boost converter with a transformerless voltage‐source inverter (VSI), enabling multiple outputs. In addition, a symmetrical boost inductor is adopted to clamp the common‐mode voltage as a constant, resulting in low leakage currents. To illustrate the configuration principle, a hybrid converter with a highly efficient and reliable inverter concept (HERIC) as the VSI is exemplified. Besides, the dedicated modulation scheme for the proposed converter is detailed to achieve low leakage currents, reactive power injection and high efficiency. Furthermore, as the shoot‐through state of inverter legs is allowable for the proposed converter, i.e. no need to add dead time, the reliability and power quality of the proposed converter can be improved. Simulations and experimental tests are performed on an example hybrid converter (with an HERIC as the VSI) to validate the analysis.