A power conversion system including a first converter configured to convert an input voltage into a plurality of discrete voltages. A second converter configured to convert the plurality of discrete voltages into a plurality of modulated voltages. Each modulated voltage of the plurality of modulated voltages comprises two voltage levels equal, respectively, to two of the discrete voltages of the plurality of discrete voltages. A selection unit configured to alternatively output each modulated voltage of the plurality of modulated voltages across a pair of output terminals.