When iron loss characteristics on an inverter excitation are evaluated by using multiple loads connected in series, they indicate lower iron losses compared with using the loads connected in parallel. It indicates that multiple loads should be connected in series to reduce the iron loss when the loads are excited by one inverter. This phenomenon is caused by semiconductor on-voltages changed by the connection method. This conclusion is introduced by an experimental evaluation using three ring cores made of electrical steel sheets (35H300). In addition, to corroborate the experimental results, a numerical analysis is carried out, in which both of characteristics of magnetic hysteresis and semiconductor are taken into account. Analysis results also indicate the same tendency as the experimental results.