This work proposes a new power conversion system suitable for supplying power to both ac and dc loads simultaneously from both ac sources, such as the power grid, and dc sources, such as a photovoltaic (PV) panel. First, an introduction of the motivation for proposing the new system and the objectives of the new system is given. Next, the new system and its building blocks are introduced. Then, the technical details about a built prototype conversion system are presented. Finally, a number of experimental results are provided to demonstrate the performance of the proposed system.