Zopa enters the renewable energy market

Zopa Bank has entered the £23 billion UK renewable energy market by making its suite of buy now, pay later and retail finance products available to Octopus Energy customers across the country.

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 seven years.

The partnership also enables financing for app-controlled electric vehicle chargers installed by Octopus engineers to quickly charge customers’ 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, says: “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 Britons cut their electricity costs by up to 90% by switching to solar, thanks to Zopa they can now also spread the upfront costs over 24-84 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.”