An improved Single-Stage Buck-Boost inverter (S.sup.2B.sup.2 Inverter) is provided, using only three or four power semiconductor switches and two coupled inductors in a flyback arrangement. The inverter can handle a wide range of dc input voltages and produce a fixed ac output voltage. The inverter is well suited to distributed power generation systems such as photovoltaic and wind power and fuel cells, for standalone or grid connected applications. The inverter has a single charge loop, a positive discharge loop and a negative discharge loop.