SolarCity and K. Hovnanian® Homes® to Offer Solar Power on Hundreds of Arizona Homes

Arizonans can Reduce their Electric Bills for no Upfront Cost

K. Hovnanian® Homes® a leading national homebuilder, is offering solar power options for two new communities in Peoria, Ariz. through a partnership with SolarCity. SolarCity (Nasdaq: SCTY), the nation’s largest solar power provider, will make it possible for many homebuyers at Fusion at The Meadows and Traditions at The Meadows to save thousands off their utility bills and lock in solar electricity costs for the next 20 years. The partnership allows homeowners to install solar for free, without adding to the purchase price of the home, and pay less for solar electricity than they pay for utility power. SolarCity also provides insurance, monitoring service and repairs on the solar system for the duration of the 20 year contract.

Beyond the new solar power offering, K. Hovnanian’s® homes at The Meadows also feature multiple energy efficient features—including dual panel low-e windows, radiant barrier roof sheathing, and programmable digital thermostats— to save homeowners even more on energy costs compared to standard homes in the area.

The Traditions at The Meadows homes will be 1,678 to 2,983 square feet while Fusion at The Meadows homes will be larger at 2,077 to 3,548 square feet. Both communities are in close proximity to community parks, playgrounds and trails as well as the nearby Lake Pleasant Regional Park, and children with families living at the Meadows will attend school in the Peoria Unified School District.

K. Hovnanian® is celebrating the grand opening of the two communities on Saturday, July 19 at 11:00 a.m. Potential homebuyers can attend the opening event and visit model homes showcasing energy efficient features and SolarCity’s solar systems at:

Fusion at The Meadows Community at 21965 N. 97th Ln in Peoria, or
Trilogy at The Meadows Community at 21931 N. 97th Glen in Peoria

For additional details about the grand opening or the Meadows communities, please contact K. Hovnanian by calling (877) 546-8669.

SolarCity currently works with more than 100 builders in nine states. To learn more, please visit www.solarcity.com/homebuilder.

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade names K. Hovnanian® Homes®, Brighton Homes®, Parkwood Builders, Town & Country Homes and Oster Homes. As the developer of K. Hovnanian’s® Four Seasons communities, the Company is also one of the nation’s largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company’s 2013 annual report, can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian’s investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs a new customer every two minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.

This release contains forward-looking statements including, but not limited to, statements regarding expected savings, future communities and homes that may have solar options, and assumptions relating to the foregoing. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled “Risk Factors” in our quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission, which identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Source: SolarCity

For more information on: SolarCity