People with Octopus Energy can spread the cost of solar panels over seven years under new scheme

Linda Howard
·2-min read

Octopus Energy customers will be able to use “buy now pay later” to fund and install solar panels, as part of a new deal with digital lender Zopa Bank. It means households can spread the cost of installation over several years.

Octopus, which is now the UK’s biggest electricity supplier with nearly seven million customers, said the new financing offer means more people will benefit from the “cheap, clean energy source”. Households making use of the new finance products will be able to buy and install Octopus solar panels, spreading to cost in up to 84 monthly payments over seven years.

While ‘buy now pay later’, or BNPL, schemes are typically interest-free, the larger size of the loan from Octopus will see customers charged a 9.9 per cent annual percentage rate (APR). Octopus charges around £9,200 for installing 10 solar panels and a five kilowatt hour (kWh) battery.

The new financing options will also be launched for people buying and installing app-controlled EV chargers, which fast-charge electric cars.

BNPL has typically been offered for customers on products like clothing, home essentials, furniture and electricals, through providers like Klarna and Clearpay.

In general, BNPL can be a way for people to spread the cost of purchases or defer payments to a later date, without incurring interest. But concerns have been raised that some people could take on too much debt, which could end up being difficult and costly to pay off.

Zopa said its new wave of BNPL products are fully regulated and involve affordability and credit card checks to limit the number of people at risk of seeing debts pile up.

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 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.”

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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