Zopa Bank has entered the UK’s £23bn renewable energy market, making its suite of regulated BNPL and retail finance products available to Octopus Energy customers across the UK.
The deal will see Zopa finance the purchase and installation of Octopus solar panels for the energy giant’s millions of UK customers, spread out in up to 84 instalments over 7 years.
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Despite the consumer demand, ahead of elections, the UK’s major political parties have scaled back their green energy commitments. This has created a void that the private sector can fill by stepping in to support major infrastructure changes.
The partnership also enables the financing of app-controlled EV chargers, installed by Octopus engineers to fast-charge electric vehicles
In January 2024 there were more than 53,600 public charge points available across the UK, a 45% increase since the start of 2023. The government aims to deliver 300,000 charge points by 2030 to match rising demand.
Dave Farbrother, CEO of Zopa’s BNPL and retail finance division, said: “The energy security and prosperity of future generations are dependent on greening our economy and that requires large scale investments. We are proud to be partnering with Octopus Energy to make the switch to energy sustainability more accessible for millions of UK consumers. 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.”
Jessica Wilkinson, Commercial Director at Octopus Energy, 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.”
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