IBS Intelligence (IBSi) is the world’s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. We take pride in covering 400+ technology vendors globally – the largest by any analyst firm in this space.OVO and HSBC Partner to Offer Flexible Financing Options for Green Technology
OVO, a leading energy supplier in the UK, has joined forces with HSBC to provide customers with new financing options for green technology. This partnership will allow customers to spread the cost of products such as solar panels, batteries, heat pumps, and electric vehicle chargers into manageable payments, instead of paying one large upfront sum.
According to recent consumer data, the majority of people are interested in installing green technology in their homes, but are deterred by the initial expense. With this new partnership, OVO customers will have access to HSBC Flexipay, a flexible payment product that will help make home decarbonisation a reality for millions of households.
For a typical UK home, the cost of solar panels is around £9,000. With HSBC Flexipay, customers can spread out their payments to £236 per month over 3 years with interest-free credit. This will make it more affordable for customers to invest in green technology, which will not only reduce energy costs in the long term but also help cut carbon emissions.
Mark Robson, VP of commercial at OVO, stated, “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 more people afford green technology, we will reduce energy costs in the longer term – and for good – while also helping to cut carbon.”
Andy Rankin, Interim Head of Unsecured Lending at HSBC UK, added, “Paying in installments is increasingly popular and can be a great budgeting tool, providing the certainty of fixed repayments and set end date. We are excited to start our journey in point-of-sale finance, offering customers a fully regulated payment alternative. For consumers looking to make a large purchase, HSBC Flexipay will enable them to do so with support from a responsible lender they can trust.”
This partnership between OVO and HSBC is just the beginning, as HSBC plans to expand HSBC Flexipay to provide customers with flexible financing options for a wide range of products. This will give consumers the opportunity to benefit from its flexibility and make large purchases with the support of a trusted and responsible lender.
In conclusion, this partnership between OVO and HSBC will make it easier for customers to invest in green technology and contribute to a more sustainable future. With flexible financing options, more households will be able to afford green technology, which will not only reduce energy costs but also help combat climate change.