This work aims to study and analyze the various operating modes of universal power converter which is powered by solar and thermoelectric generators. The proposed converter is operated in a DC–DC (buck or boost mode) and DC–AC (single phase) inverter with high efficiency. DC power sources, such as solar photovoltaic (SPV) panels, thermoelectric generators (TEGs), and Li-ion battery, are selected as input to the proposed converter according to the nominal output voltage available/generated by these sources. The mode of selection and output power regulation are achieved via control of the metal-oxide semiconductor field-effect transistor (MOSFET) switches in the converter through the modified stepped perturb and observe (MSPO) algorithm. The MSPO duty cycle control algorithm effectively converts the unregulated DC power from the SPV/TEG into regulated DC for storing energy in a Li-ion battery or directly driving a DC load. In this work, the proposed power sources and converter are mathematically modelled using the Scilab-Xcos Simulink tool. The hardware prototype is designed for 200 W rating with a dsPIC30F4011 digital controller. The various output parameters, such as voltage ripple, current ripple, switching losses, and converter efficiency, are analyzed, and the proposed converter with a control circuit operates the converter closely at 97% efficiency.