Zopa enters the £23 billion renewable energy market with the Octopus Energy deal

Zopa Bank has entered the £23 billion UK renewable energy market by making its suite of regulated BNPL and retail financial products available to Octopus Energy customers across the UK.

Under the agreement, Zopa will finance the purchase and installation of Octopus solar panels for millions of customers of the British energy giant in 84 installments spread over 7 years.

Despite consumer demand, the UK’s main political parties have scaled back their green energy commitments ahead of the election. This has created a gap that the private sector can fill by stepping in to support major infrastructure changes.

The partnership also enables funding for app-controlled electric vehicle chargers installed by Octopus engineers to quickly charge electric vehicles

In January 2024, there were over 53,600 public charging points available in the UK, an increase of 45% since the beginning of 2023. The Government aims to deliver 300,000 charging points by 2030 to meet growing demand.

Dave Farbrother, CEO of Zopa’s BNPL and retail finance business, said: “Energy security and the well-being of future generations depend on greening our economy, and this requires large-scale investment. We’re proud to work with Octopus Energy to make the transition to sustainable energy more accessible to millions of British consumers. Not only can Brits reduce their electricity costs by up to 90% by switching to solar energy, but thanks to Zopa they can now also spread the upfront costs over 24 to 84 months. Together, we are expanding the reach of green energy with financing solutions that put customers first and are fully regulated for peace of mind.”

Jessica Wilkinson, commercial director at Octopus Energy, added: “The biggest power plant we have is the sun, so using it to create mini generators on our roofs is an absolute no-brainer. We have already installed 3,000 solar panels in homes across the UK and we are delighted to be able to enable even more people to benefit from this cheap, clean energy source thanks to the new financing solution from Zopa Bank.”

“Zopa enters £23 billion renewable energy market with deal with Octopus Energy” was originally created and published by Retail Banker International, a brand of GlobalData.

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