OVO Announces ‘Cheaper Bills for Good’ With Innovative Solar Panel Financing

Ovo Energy, one of the UK’s leading energy suppliers, has introduced a new financing option for its customers to make green energy technologies more accessible. Backed by HSBC, the initiative allows Ovo's four million customers to access loans for installing solar panels and other energy-efficient devices, even if they do not hold an HSBC account.

Ovo Helps to Make Green Energy Happen

David Buttress, Ovo Energy's chief executive, stated that this partnership will empower homeowners to embrace green technologies, ultimately helping them lower their energy costs permanently. This comes as part of a broader push to encourage adoption of renewable energy solutions, such as solar panels and heat pumps, supported by government grants and supplier incentives.

With energy efficiency becoming a central focus in combating rising costs and climate change, the offering complements existing financial support available in the UK.

The new service will leverage HSBC’s Flexipay lending product, a flexible payment solution designed to make energy upgrades more affordable. Andrew Rankin, interim head of unsecured lending at HSBC UK, highlighted the increasing demand for instalment-based payment solutions, emphasizing their value in providing budget predictability and ease of access.

“We are excited to support consumers through a fully regulated journey aimed at delivering great customer outcomes,” Rankin said, underscoring the importance of partnerships like Ovo’s in driving significant changes in energy efficiency over the next decade.

Partnering to Make the World Greener

Ovo Energy acknowledged HSBC’s role in financing carbon-intensive industries but commended the bank’s active strategy to reduce its own emissions while supporting customers in adopting greener practices. This aligns with Ovo's mission to make home decarbonization more affordable and achievable across the UK.

By partnering with HSBC, Ovo positions itself alongside key competitors like EDF, EON, British Gas, and Octopus, aiming to differentiate itself in the growing market for sustainable home energy solutions.