DC electric springs (DCES) are emerging technologies for the (i) regulation of mains voltage against the intermittent renewable generations and (ii) harmonic cancellation in dc microgrids. When conventional converter topologies (e.g., half-bridge or full-bridge converter) are adopted as DCES, the battery storage of the DCES has to process both the dc power and the ac harmonic power. The pulsating ac power can severely reduce the lifetime of the battery. To address this issue, a hybrid-DCES (H-DCES) is proposed in this paper to perform (i) and (ii) in a decoupled manner. With a modified topology and control method, the H-DCES can divert the ac current to the ground and retains the function of manipulating noncritical load for dc voltage regulation. The immediate benefits of this H-DCES are the reduction of storage capacity and a prolonged lifetime of the battery. Both the operating principle and the mathematical model of the proposed H-DCES are analyzed in this paper. A prototype of the H-DCES is practically tested in a 48-V dc grid. The experimental results show that the H-DCES can realize the decoupled operation of dc voltage regulation and harmonic cancellation. Simulation studies further demonstrate that the H-DCES requires less storage capacity than its counterparts.