The current climatic scenario requires the use of innovative solutions to increase the production of electricity from renewable energy sources. Multilevel Power Inverters are a promising solution to improve the penetration of renewable energy sources into the electrical grid. Moreover, the performance of MPIs is a function of the modulation strategy employed and of its features (modulation index and switching frequency). This paper presents an extended and experimental analysis of three-phase five-level Cascaded H-Bridges Multilevel Inverter performance in terms of efficiency and harmonic content considering several MC PWM modulation strategies. In detail, the CHBMI performance is analyzed by varying the modulation index and the switching frequency. For control purposes, the NI System On Module sbRIO-9651 control board, a dedicated FPGA-based control board for power electronics and drive applications programmable in the LabVIEW environment, is used. The paper describes the modulation strategies implementation, the test bench set-up, and the experimental investigations carried out. The results obtained in terms of Total Harmonic Distorsion (THD) and efficiency are analyzed, compared, and discussed.