In this paper, a novel topology for a photovoltaic (PV) dc/dc converter that can dramatically reduce the power rating and increase the efficiency of a PV system by analyzing PV module characteristics is proposed. Based on the analysis, in the proposed topology, only 30.7% power of the total PV system is needed for a dc/dc converter. Furthermore, the dc/dc converter efficiency curve is flat under wide PV module voltage and all load ranges. In particular, the converter efficiency at the lower duty range is dramatically improved. The total PV system is implemented for a 250-kW PV power conditioning system (PCS). This system has only three dc/dc converters with a 25-kW power rating. It is only one-third of the total PV PCS power. The 25-kW prototype PV dc/dc converter is introduced to experimentally verify the proposed topology. In addition, an experimental result shows that the proposed topology exhibits a good performance.