Partial shading on a photovoltaic (PV) module is known to trigger serious issues of significant reduction in power generation and occurrence of multiple power point maxima. Among various kinds of voltage equalizers that have been proposed to preclude the partial shading issues, switched capacitor converters (SCCs) are known as a simple and small solution. To achieve even smaller circuit at lower cost, the capacitor-less SCC equalizer that utilizes diffusion capacitances of PV cells has been proposed. The conventional capacitor-less equalizer, however, has to operate at high switching frequency even under no-shading conditions, hence inevitably generating losses. This paper proposes the novel capacitor-less SCC-based voltage equalizer. Although two additional elements of an inductor and capacitor are necessary, the issue of the conventional capacitor-less equalizer can be prevented. The detailed operation analysis was performed to prove the better efficiency performance of the proposed solution. The experimental verification tests were performed using real PV cells, and the efficacy of the proposed equalizer was successfully demonstrated.