I would highly recommend Madeira Explorers for those who have not rented a car but wish to do levada walking. The tours are good value (about €25 pp for a half day and €36 pp for a full day) given that it includes the transport to and from the levada (which could be at the other side of the island) as well as the informative guided walk. We did two of these walks, Referta and The Lakes of Madeira, both of which were very enjoyable and not too challenging.
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