- The new scheme will fund solar panels and app-controlled EVs
- Payments can be spread over 24-84 months
- Octopus Energy currently has more than 7 million customers
Octopus Energy has partnered with digital lender, Zopa Bank, to offer its customers a “buy now, pay later” (BNPL) scheme to help consumers with the upfront costs of solar panels.
Zopa Bank will finance the purchase and installation of solar panels for Octopus Energy’s nearly 7 million customers, with the cost spread over up to 84 instalments over seven years at a representative 9.9% APR.
Octopus Energy charges approximately £9,200 for installing 10 panels and a 5 kilowatt hour (kWh) battery.
The move, according to the energy supplier, will enable more individuals to access the “cheap, clean energy source”.
The new scheme is also set to be introduced for those buying and installing app-controlled electric vehicle (EV) chargers, installed by Octopus engineers to fast-charge EVs, to more than 53,600 public charge points across the UK.
The move will help supplement the government’s aims to deliver 300,000 charge points by 2030 to match rising demand.
“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,” Zopa Banking said.
“The energy security and prosperity of future generations are dependent on greening our economy and that requires large scale investments.”
Zopa Bank launched its BNPL and retail finance products in August 2023, focusing on customer protection first, ensuring the model is responsible and sustainable.
“This includes running credit checks and affordability tests for all customers and sharing data with credit checking agencies (CRAs) to avoid the accumulation of unmanageable debt and cycles of piling borrowing on top of borrowing,” Zopa Bank commented.
The model was designed to combat concerns about these schemes encouraging debt.
Check our guide to see if you qualify for government grants for solar panels.
