Octopus Energy Launches ‘Buy Now Pay Later’ for Solar Panels and EV Chargers with Zopa Bank | Coventry Live

Octopus Energy is to launch a ‘Buy Now Pay Later’ scheme for solar panels in partnership with Zopa Bank. The energy giant, which competes with OVO, EDF, Eon and British Gas, is one of the UK’s biggest.

The company, which boasts almost seven million customers, making it the UK’s biggest electricity supplier, said the new funding offer would allow more people to benefit from this “cheap and clean source of energy”. Households can spread the cost over up to 84 monthly payments over seven years.

Unlike typical buy-now-pay-later schemes, or BNPLs, which are usually interest-free, Octopus’ larger loan size will see customers pay an annual percentage rate (APR) of 9.9%. The cost of installing 10 panels and a five kilowatt-hour (kWh) battery by Octopus is around £9,200.

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The new financing options will also be available to those who purchase and install app-controlled EV chargers, which provide fast charging for electric cars. Zopa has assured that its new wave of BNPL products is fully regulated and includes affordability and credit card checks to limit the number of people at risk of accumulating debt.

Dave Farbrother, who heads the lender’s retail finance division, said the deal would “make the switch to energy sustainability more affordable for millions of UK consumers”. Buy Now Pay Later (BNPL) schemes have seen a surge in popularity in recent years, with an increasing number of online shopping retailers offering them to their customers, Birmingham Live reports.

Buy Now Pay Later (BNPL) products offer the option of staggered or deferred payment for goods or services. However, they should be used with caution.

Understanding how BNPL works is crucial to making an informed decision before signing up. Keep in mind that Buy Now Pay Later services are a type of loan and can have a negative impact on your credit score if you fail to pay off the debt as agreed.

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