This article presents a novel asymmetrical 21-level multilevel inverter topology for solar PV application. The proposed topology achieves 21-level output voltage without H-bridge using asymmetric DC sources. This reduces the devices, cost and size. The PV standalone system needs a constant DC voltage magnitude from the solar panels, maximum power point tracking (MPPT) technique used for getting a stable output by using perturb and observe (PO) algorithm. The PV voltage is boosted over the DC link voltage using a three-level DC-DC boost converter interfaced in between the solar panels and the inverter. The inverter is tested experimentally with various combinational loads and under dynamic load variations with sudden load disturbances. Total standing voltage with a cost function for the proposed MLI is calculated and compared with multiple topologies published recently and found to be cost-effective. A detailed comparison is made in terms of switches count, and sources count, gate driver boards, the number of diodes and capacitor count and component count level factor with the same and other levels of multilevel inverter and found to be the proposed topology is helpful in terms of its less TSV value, devices count, efficient and cost-effective. In both simulation and experimental results, total harmonic distortion (THD) is observed to be the same and is lower than 5% which is under IEEE standards. A hardware prototype is implemented in the laboratory and verified experimentally under dynamic load variations, whereas the simulations are done in MATLAB/Simulink.