In this paper, a switched-capacitor multilevel inverter with voltage boosting and common-mode-voltage reduction capabilities is put forth. The proposed inverter is synthesized with one-half bridge and several switched-capacitor cells. Due to the voltage boosting and common-mode current reduction features, the proposed multilevel inverter is suitable for grid-connected PV applications. In addition, an analytical lifetime evaluation based on mission profile of the proposed inverter has been presented to derive lifetime distribution of semiconductors. Whereas in the proposed inverter, any components failure can bring the whole system to a shutdown. The series reliability model is used to estimate the lifetime of the overall system. The performance of the suggested multilevel inverter in grid-connected applications is verified through the simulation results using the grid-tied model in Matlab/Simulink. Moreover, the viability and feasibility of the presented inverter are proven by using a one kW lab-scaled prototype.