Zopa enters renewable energy market

Zopa Bank is moving into the renewable energy market by making its BNPL and retail finance products available to Octopus Energy customers in the UK.

The move will see Zopa finance the purchase and installation of Octopus solar panels for the energy firm’s British customers, spread out in up to 84 instalments over a seven-year period.

According to a report by market research firm Mintel, the UK renewable energy market is worth £23 billion, while more than one million homes in the region have solar panels.

Zopa said that despite 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,” it said.

“The energy security and prosperity of future generations are dependent on greening our economy and that requires large scale investments," said Dave Farbrother, chief executive of Zopa's BNPL and retail finance division.

He continued: "Not only can Brits cut their electricity costs by up to 90 per cent 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.”

The Zopa-Octopus partnership also enables the financing of app-controlled EV chargers, installed by Octopus engineers to fast-charge the electric vehicles of customers.

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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