In a new venture with digital lender Zopa Bank, Octopus Energy customers will now be able to use "buy now, pay later" schemes to finance and install solar panels. This new agreement allows households to spread the installation costs over several years.
Octopus, which remains the UK''s largest electricity supplier boasting nearly seven million customers, has stated that this fresh financing offer will enable more individuals to access the "cheap, clean energy source". Homeowners taking advantage of the new finance products can purchase and set up Octopus solar panels, and spread out the cost in up to 84 monthly payments over a period of seven years.
While these "buy now, pay later" plans are frequently interest-free, the substantial loan size from Octopus will result in customers owing a 9.9 percent annual percentage rate (APR). The installation of 10 panels along with a five-kilowatt-hour (kWh) battery from Octopus typically sets you back around £9,200.
Furthermore, the new financing choices are also set to be introduced for those acquiring and installing app-controlled EV chargers which can quickly power up electric car batteries. Companies like Klarna and Clearpay usually extend these BNPL offers for goods such as clothing, household essentials, furniture and electrical appliances.
As a general rule, BNPL provides a method for individuals to allocate the expense of purchases or postpone payments until a later date without drawing any interest. However, there have been warnings raised regarding the potential for some people to accumulate excessive debt, which could be challenging and pricey to square off.
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Zopa has announced a new range of BNPL (Buy Now, Pay Later) products that are fully regulated and include thorough affordability and credit checks to minimise the risk of consumers accumulating debt.
Dave Farbrother, the head of Zopa''s retail finance division, commented on the initiative, stating it will "make the switch to energy sustainability more accessible for millions of UK consumers".
Octopus Energy customers will now have the option to use "buy now, pay later" scheme to fund and install solar panels, thanks to a new partnership with digital lender Zopa Bank.
This means that households can spread the cost of installation over several years. Octopus, the UK's largest electricity supplier with nearly seven million customers, believes this new financing offer will allow more people to benefit from this "cheap, clean energy source".
Households taking advantage of these new finance products will be able to purchase and install Octopus solar panels, spreading the cost over up to 84 monthly payments across seven years. Although "buy now, pay later", or BNPL, schemes are typically interest-free, the larger loan size from Octopus will see customers charged a 9.9% annual percentage rate (APR).
The cost for installing 10 panels and a five kilowatt hour (kWh) battery is approximately £9,200. The new financing options will also be available for those purchasing and installing app-controlled EV chargers, which fast-charge electric cars. BNPL has traditionally been offered for products like clothing, home essentials, furniture and electricals, through providers such as Klarna and Clearpay.
He said: "The cost of solar panels has decreased significantly over the past decade, dropping by more than 70 per cent due to advances in technology and increased production.
"With the introduction of more flexible 'buy now, pay later' options, homeowners can now install solar panels with zero upfront costs, making it easier than ever to make the switch to renewable energy."
"This not only makes solar energy more accessible to a wider range of households, but it also means that people can start saving on their energy bills from day one," he added.
"The combination of lower installation costs and the ability to spread payments over several years means that the financial barriers to going solar are rapidly diminishing."
Generally, BNPL can help people spread the cost of purchases or defer payments to a later date, without incurring interest. However, there have been concerns raised that some individuals could accumulate too much debt, which could end up being difficult and costly to repay.
Zopa has announced its latest batch of BNPL products, which are fully regulated and include thorough affordability and credit checks to prevent debt accumulation. Dave Farbrother, the head of the lender's retail finance division, commented on the initiative: "make the switch to energy sustainability more accessible for millions of UK consumers".
Through the deal, Zopa – which hit annual profitability for the first time last month – will finance the costs of acquiring and installing Octopus solar panels. These payments can be spread across as many as 84 instalments over seven years.
The bank said that while British consumers are encouraged to explore renewable energy options, the major political parties have yet to facilitate this with meaningful green support.
"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," said Octopus Energy commercial director Jessica Wilkinson.
"We’ve already installed 3,000 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."
About Octopus energy solar panel payments
As the photovoltaic (PV) industry continues to evolve, advancements in Octopus energy solar panel payments have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Octopus energy solar panel payments for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Octopus energy solar panel payments featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
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