Millions of Octopus Energy customers will be able to spread the cost of installing and funding solar panels after the energy firm struck a deal with a digital bank.
Zopa Bank is entering the UK’s £23 billion renewable energy market, making its suite of buy now, pay later (BNPL) and retail finance products available to Octopus Energy customers across the UK.
It means that Octopus Energy customers will now have the option to use Zopa’s BNPL scheme to fund and install solar panels.
The UK’s largest electricity supplier – which boasts nearly seven million customers – believes this new financing option will drive up customer numbers even further, as households across the country will have the option of spreading the cost of installation over several years.
The electricity supplier is aiming to create 3,000 green jobs in the UK this year.
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Households taking advantage of these new finance products will be able to purchase and install Octopus Energy solar panels, spreading the cost over up to 84 monthly payments across seven years.
Unlike other BNPL schemes which are interest-free, customers will be charged a 9.9% annual percentage rate (APR).
Dave Farbrother, CEO of Zopa’s BNPL and retail finance division said: “Not only can Brits cut their electricity costs by up to 90% by switching to solar, with Zopa they can now also spread their upfront costs over 24 to 84 months.
“Together we are extending the reach of green energy with financial solutions that put customers first and are fully regulated, offering piece of mind.”
Octopus Energy commercial director Jessica Wilkinson added: “The biggest power plant we’ve got is the sun – so making use of it by creating mini power generators on our roofs is an absolute no-brainer. We’ve already installed 3000 solar panels on UK homes, and we’re pleased to enable even more people to benefit from this cheap, clean energy source through this new financing solution with Zopa Bank.”
Earlier this year, Octopus Energy partnered with Black cab app Gett to bring electric vehicle (EV) charging to over 4,000 London taxis.
