First you must tell us what type of load you will be driving. The schematic you gave will drive a square wave into the transformer which is both inefficient in terms of power conversion and also because the output waveform will be highly distorted it will not properly drive inductive loads such as motors.
If the output waveform is not critical, a simple modified sine wave circuit will work far better than a square wave one. If you want a clean sine wave output there are two options, a sine oscillator, high current driver and a step-up transformer (very inefficient) or a PWM bridge driver (complicated and more expensive but efficient).
Brian.