Ovo customers will be able to use HSBC Flexipay to spread the cost of products, including solar panels and batteries, instead of paying one large upfront sum.
The energy firm plans to extend the payment offering to heat pumps and electric vehicle (EV) chargers in the future.
As an example, installing solar panels costs an average of £9,000 for the typical home. Customers using HSBC Flexipay could pay for this with a £500 deposit and 36 monthly payments of £236, with interest-free credit.
The partnership follows the publication of consumer data, which shows the majority (74%) of people report being interested in installing green technology in their home, but three-quarters (75%) saying that the initial expense of installation is too much.
However, almost 69% of people would be more likely to install green technology if they could spread the cost over several months or years.
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Further research conducted off the back of COP shows that 44% of the UK public say that individuals are responsible for tackling climate change, although Governments (65%) and big businesses (54%) are still seen as the main drivers. More than eight in 10 of those questioned wanted more support to take effective climate action in their own homes.
Ovo’s analysis of household Energy Performance Certificate (EPC) data across the UK suggests that more than 20 million households are currently missing out on solar benefits.
The EPC data shows that about two-thirds (67%) of all homes in England, Scotland and Wales could have at least one solar panel on their roof, but, on average, less than 1% have actually had them installed.
Upfront cost is ‘biggest barrier’
Mark Robson, VP of commercial at Ovo, said: “Our customers tell us the biggest barrier to making their home more energy efficient is the upfront cost. We’re on a mission to change that. I’m excited to provide our customers with first access to HSBC’s flexible payment product – making home decarbonisation a reality for millions more households. By helping to make green technology more accessible, we will reduce energy costs in the longer term – and for good – while also helping to cut carbon.”
Ovo customers looking to install tech for their home will be able to access HSBC Flexipay, regardless of whether they have an existing HSBC account, and they will not have to create one. HSBC Flexipay will appear as a payment option at the online checkout alongside the usual options to pay by debit or credit card.
According to Ovo – which last month announced a £50m support package for customers – the most popular green home upgrades people are considering are solar panels (67%), heat pumps (37%), and EV chargers (28%).
But for those just starting their green journey, knowing where to start and what upgrades are worth investing in can be a minefield. Nearly half (46%) don’t feel confident they know where to start when it comes to installing greener tech upgrades in their home. More than half (52%) said they have little or no understanding about how they could really benefit from greener upgrades.
