An AC power converter converts power from an AC power source to an AC load. A DC power holding source is coupled to an input half-bridge switch, a common half-bridge switch and an output half-bridge switch. A controller is coupled to at least two of the input half-bridge switch, the common half-bridge switch, and an output half-bridge switch. The controller switches the input half bridge at the first switching frequency in boost mode and at the line frequency in buck mode. The controller also switches the output half bridge switch at the first switching frequency in buck mode and at the line frequency in boost mode. Input and output low pass filters can eliminate switching frequency energy from entering the AC source and load. The converter maintains a DC power holding source voltage slightly above peak AC input voltage and significantly less than twice the peak AC input voltage.