Zopa Bank has officially entered the UK’s substantial £23 billion renewable energy sector by offering its buy now, pay later and retail finance solutions to customers of Octopus Energy nationwide.
This collaboration will facilitate the financing of the acquisition and installation of Octopus solar panels for the energy provider’s vast UK customer base, allowing payments to be spread across up to 84 installments over a period of seven years.
Additionally, the partnership will support the financing of app-controlled electric vehicle (EV) chargers, which will be installed by Octopus engineers for efficient charging of customers’ electric vehicles.
As of January 2024, there are over 53,600 public charging points available throughout the UK, marking a remarkable 45% increase since the beginning of 2023. The government has set a target of 300,000 charging points by 2030 to meet the growing demand.
Dave Farbrother, CEO of Zopa’s buy now, pay later and retail finance division, emphasized the importance of transitioning to a greener economy, stating, “The energy security and prosperity of future generations hinge on our ability to invest in sustainability at a large scale. We are thrilled to partner with Octopus Energy, making the transition to renewable energy more accessible for millions of UK consumers.
“By switching to solar, individuals can potentially reduce their electricity costs by up to 90%. With Zopa, they can spread the upfront costs over 24 to 84 months. Together, we are enhancing the accessibility of green energy through customer-centric financial solutions that are fully regulated, offering peace of mind to our clients.”
For further insights into the latest innovations in sustainable finance, consider attending Finextra’s annual Sustainable Finance Live conference on 8 October 2024.