Zopa Ventures Into The Green Energy Sector After Partnering With Octopus Energy
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Zopa Bank has signed a deal with Octopus Energy as it enters the United Kingdom’s £23 billion Green energy industry. It will offer Octopus Energy customers nationwide access to its suite of buy now, pay later, and retail finance products.
The agreement will see Zopa funding the acquisition and installation of Octopus solar panels for millions of Octopus Energy consumers in the United Kingdom. Payment can be spread out over seven years in up to 84 instalments. Octopus is the leading electricity provider in the United Kingdom.
UK Political Parties Have Cut Back Their Commitments To Green Energy
The hike in electricity bills and the impact of global warming forced the general public to turn to solar energy as a substitute, seeing it as a cost-effective and renewable power source.
This rapidly increased the business of the company. The interest in solar power has led to about 1.3 million UK homes having solar panels and a 4,000%+ growth since 2010, as the UK’s Department for Energy Security reported.
Even with increasing consumer interest, the UK’s top political parties have cut back their green energy pledges before elections. This has opened an opportunity for the private sector to step in and assist with crucial infrastructure changes.
The partnership also helps pay for app-controlled EV chargers that Octopus engineers set up to charge customers’ electric cars quickly. In January 2024, over 53,600 public charging spots were available across the UK, 45% more than at the start of 2023. The government wants 300,000 charging spots by 2030 to meet the growing need.
The Chief Executive Officer of Zopa’s BNPL and retail finance division, Dave Farbrother, stated that to secure energy and prosperity for future generations, there’s a need to green the economy. However, this initiative requires large investments.
Octopus Energy Installs 300 Solar Panels In UK Homes
The Zopa team is happy to partner with Octopus Energy to make sustainable energy more accessible to millions in the United Kingdom. Brits can cut electricity costs by up to 90% by going solar, and with Zopa BNPL, it can spread upfront costs over 24 to 84 months. Zopa is making green energy more accessible with customer-first, regulated financial solutions.
Commercial Director at Octopus Energy, Jessica Wilkinson, emphasized the firm’s biggest power plant, labeling it as the sun. She stated that by utilizing the sun, the firm can easily create a mini power generator on their roof.
Moreover, the firm has already installed 300 solar panels on homes in the UK. She added that her team is happy to encourage even more individuals to gain from this clean, cheap energy source via this innovative financial solution with Zopa Bank.
