Cascaded H-bridge multilevel inverters shows a useful circuit configuration to increase the number of output voltage levels to obtain high quality output voltage. By applying the concept of the power of three to dc voltage sources, it can increase the number of output voltage levels effectively. To realize this concept, two approaches may be considered. One is to use independent dc voltage sources pre-scaled in the power of three, and the other is to use instantaneous dc voltage sources generated from a cascaded transformer, which has the secondary turn-ratios scaled in the power of three in sequence. A common feature in both approaches is to use the concept of the power of three for dc voltage sources, and a point of difference is whether it adopts a low frequency transformer or not, and where the transformer is located. According to the difference, application areas are limited and show different characteristics on THD of output voltages. We compare and analyze both approaches for their circuit configurations, voltage level generating method, THD characteristics of output voltage, efficiency, application areas, limitations, and other characteristics by experiments using 500 [W] prototypes when they generate a 27-level output voltage.