Multilevel inverters are designed for controlling high power and voltage in flexible power connections. These inverters have certain additional advantages over regular two-level inverters. Multilevel inverters offer significant benefits, including less total harmonic distortion (THD) and high output voltage accuracy. This paper introduces a 5-level symmetrical multilevel inverter (MLI) topology with reduced count of switches. The proposed topology offers advantages over traditional 2-level inverters, including reduced switches, lower cost, and size while maintaining high output voltage levels. In the proposed topology, a single DC voltage source per phase is required to achieve higher output voltage levels. In the present scenario, the total efficiency of power system devices is impacted by THD due to the existence of harmonics. To mitigate Total Harmonic Distortion and improve overall power system efficiency, an Inductance-Capacitance-Inductance (LCL) filter is employed with proposed topology. THD analysis of output voltage for proposed MLI topology is presented with over, unity, and under modulation index. The proposed topology is modeled and analyzed using MATLAB/Simulink 2022a software. Findings highlight the potential of this topology for practical applications, offering a balance between reduced hardware complexity and improved performance.