“Over the past four years, the Paramount Solar team has built the company into a direct marketing and virtual sales powerhouse. We are incredibly proud of this accomplishment and feel that it is the perfect time to join forces with SolarCity, to offer more customers the ability to take control of their energy costs by producing clean, renewable energy,” said Hayes Barnard. “Together, we’ll develop the most sophisticated customer acquisition and installation system in the industry to provide one million customers with residential solar systems, forever changing the way energy is consumed, and at a lower cost.”The transaction is structured as the acquisition of all of the assets and the assumption of certain liabilities of the business of Paramount Energy Solutions, LLC. The transaction is expected to be completed in September, subject to customary closing conditions. Following the completion of the acquisition, Paramount Equity Mortgage, LLC, Value360, LLC, and Ironstone Insurance LLC, the remaining divisions of Paramount Equity, will continue to operate as independent companies. About Paramount Equity Paramount Equity was founded in 2003 to make saving money simple for homeowners. Through its subsidiaries, Paramount Equity Mortgage, Paramount Solar, Value 360, and Paramount Equity Insurance Services, the company has loaned more than $12 billion to American homeowners guiding more than 60,000 families to greater savings. The company focuses on providing competitive pricing, speed of transaction, and ethical education to customers. Paramount Equity serves the unique needs of customers in Arizona, California, Colorado, Florida, Hawaii, Nevada, Oregon, Washington, and Utah. For additional information on Paramount Equity and its services, visit www.paramountequity.com. About SolarCity 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 offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five 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 SolarCity’s expected customer acquisition cost reductions, SolarCity’s future customer growth, growth in megawatts deployed and the timing of closing of the acquisition. 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, including the risk that the timing of the transaction is delayed, the closing conditions are not satisfied and that the parties do not finalize terms and complete the transfer of Paramount Solar’s tax equity fund to SolarCity. You should read the section entitled “Risk Factors” in SolarCity’s quarterly filing on Form 10-Q with the Securities and Exchange Commission that identifies certain of these and additional risks and uncertainties. SolarCity does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.