Octopus Energy is teaming up with Zopa Bank to launch a ‘Buy Now Pay Later’ scheme for solar panels and EV chargers.
The company, which boasts nearly seven million customers, making it the UK’s biggest electricity supplier, said the new financing offer will allow more people to benefit from this “cheap, clean energy source”.
Households can spread the cost over up to 84 monthly payments spanning seven years.
Unlike typical ‘buy now pay later’, or BNPL, schemes which are usually interest-free, Octopus’s larger loan size will see customers charged a 9.9% annual percentage rate (APR).
The cost of installing 10 panels and a five kilowatt hour (kWh) battery by Octopus is around £9,200.
The new financing options will also be available for those purchasing and installing app-controlled EV chargers, which provide fast charging for electric cars. Zopa has assured that its new wave of BNPL products are fully regulated and include affordability and credit card checks to limit the number of people at risk of accumulating debt.
Dave Farbrother, who leads the lender’s retail finance division, said the deal will “make the switch to energy sustainability more accessible for millions of UK consumers”.
