This article introduces a new single-phase five-level inverter with reduced switch count, composed by a coupled-inductor, four switches, and two diodes. Its detailed analysis is provided, including a space-vector pulsewidth modulation strategy and design of its components. Compared with the conventional three-level neutral-point clamped (NPC) inverter, the introduced converter generates an output waveform with five levels, while having the same number of devices. In addition, the topology uses less components and has lower conduction losses than other existing five-level inverters. The reduced number of devices leads to a fewer number of gate drives, decreasing the cost and complexity of the system. Simulation and experimental results validate the theoretical analysis of the introduced inverter.