OVO, HSBC partner to offer flexible financing for green technology

By Gloria Methri

OVO is partnering with HSBC to offer customers new financing options to help spread the cost of green technology into manageable payments.

OVO customers will be the first to benefit from HSBC Flexipay, which helps spread the cost of products, including solar panels and batteries, instead of paying one large upfront sum. Options for heat pumps and electric vehicle chargers will follow.

This offer follows new consumer data showing that the majority (74%) of people report being interested in installing green technology in their homes, but three-quarters (75%) say that the initial expense is too much.

For a typical UK home, with solar panels costing an average of £9,000, OVO’s partnership with HSBC Flexipay would see payments spread out to £236 per month over 3 years with interest-free credit*.

OVO customers looking to install tech for their homes can access HSBC Flexipay regardless of whether they have an existing HSBC account and will not have to create one. It will appear as a payment option at the online checkout alongside the usual options to pay by debit or credit card.

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 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, said, “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.

“Moving into next year, we will look to expand HSBC Flexipay further, providing those buying a wide range of products the opportunity to benefit from its flexibility.”