Focusing on cascaded H-bridge converters for grid-tie battery energy storage, a practical, analytical method is derived to evaluate the switching-associated power loss in multilevel converters, evaluated from a number of sources of loss. This new method is then used to find performance trends in the use of converters of increasing order over a range of switching frequencies. This includes an experimental analysis into predicting the performance of MOSFET body diodes. Authors’ analysis with this model shows that a multilevel converter can have lower losses than the equivalent single-bridge, three-level converter, particularly at higher switching frequencies, due to the availability of suitable switching devices. It also has interesting implications for enabling the use of cutting-edge non-silicon power switching devices to further improve potential efficiencies.