New York Panel Installer Level Solar Sells $5 Million in Equity

Level Solar Inc., a New York-based rooftop panel installer, sold $5 million worth of equity to a single investor.

The funding was disclosed in a filing with the Securities and Exchange Commission Wednesday. The filing doesn’t name the investor and the company didn’t immediately respond to an e-mail seeking comment.

Most Level Solar customers pay nothing upfront for the systems and sign 20-year power-purchase agreements, a model similar to that of industry leaders SolarCity Corp. and Sunrun Inc. Level Solar was founded in 2013 by Richard Keiser, who was president of Keiser Analytics LLC and a senior analyst at Sanford C. Bernstein & Co.

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