Octopus Energy to offer BNPL payments with Zopa Bank

By Gloria Methri

Millions of Octopus Energy customers will soon be able to spread the cost of solar panels over seven years as the energy supplier has signed a deal with digital bank Zopa to offer BNPL financing deals.

Zopa Bank announced that it has entered the renewable energy market, making its suite of BNPL and retail finance products available to Octopus Energy customers across the UK.

The deal will see Zopa finance the purchase and installation of Octopus solar panels for the energy giant’s UK customers, spread out in up to 84 instalments over 7 years.

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

Dave Fairbrother, 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% by switching to solar, but 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 peace 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.”

Zopa’s BNPL and retail finance products combine the seamless customer journeys and digital UX offered by traditional BNPL players alongside the ability to underwrite longer, larger loans in a way that exceeds today’s regulatory requirements.