Power quality conditioner systems, such as shunt active power filters (SAPFs), are typically required to have low power losses, high-power density, and to produce no electromagnetic interference to other devices connected to the grid. At the present, power converters with such a features are built using multilevel topologies based on pure silicon semiconductors. However, recently new semiconductors that offer massive reduction of power losses such as silicon carbide (SiC) MOSFETs have been introduced into the power electronics field. In the near future, the applications that demand the highest performance will be powered by multilevel converters based on SiC. In this paper a highly efficient three-level (3L) topology based entirely on silicon carbide (SiC) semiconductors for a SAPF is presented and analyzed in great detail. Furthermore, the proposed topology is compared with other full SiC-based conventional topologies: two level (2L), three-level T-type (3L-TNPC), and three-level neutral-point-clamped (3L-NPC) in terms of efficiency. The proposed asymmetrical topology has an efficiency superior to conventional all SiC 2L and 3L power circuits when the pulse or switching frequency of the system is set higher than 60 kHz. Further, for high current ratings, the asymmetrical topology has the advantage that it can be built just by cascading two half-bridge SiC modules.