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Zopa enters renewable energy market

Zopa enters renewable energy market

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

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

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

In January 2024 there were more than 53,600 public charge points available across the UK, a 45% increase since the start of 2023. The government aims to deliver 300,000 charge points by 2030 to match rising demand.

Dave Farbrother, CEO of Zopa’s BNPL and retail finance division says: “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, 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.”

Learn more about the latest innovations in the sustainable finance sector at Finextra's annual Sustainable Finance Live conference, taking place on 8 October 2024.

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