OVO issues update to energy customers and promises 'cheaper bills for good'

Ovo Energy has launched a HSBC-backed lending product for solar panels. The energy supplier said the tie-up means its four million customers will not need an account with the bank to access financing to install green energy devices.

David Buttress, Ovo’s chief executive, said the move would help people “adopt green technologies which will cut energy bills for good”. Consumers can already get grants from the Labour Party government or their suppliers to help cover the cost of upgrades for devices like heat pumps.

Ovo said customers looking to install tech for their home will be able to access HSBC’s Flexipay lending product even without an HSBC account. Andrew Rankin, interim head of unsecured lending at HSBC UK, said the coming decade will bring a “significant acceleration” in people investing to make their homes more energy efficient.

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He added that instalment-led lending is “an increasingly popular way for consumers to pay for goods and can be a great budgeting tool, providing the certainty of fixed repayments and a set end date”. He said: “We are excited to support consumers through a fully regulated journey aimed at delivering great customer outcomes.

“We will enable this through key, select merchant partnerships of which Ovo is the first.” On its website, Ovo - which is rivalled by EDF, EON, British Gas, Octopus and more - said: "We're working with HSBC because we want to make home decarbonisation a reality for UK homes.

"By working together we can make home decarbonisation more affordable and accessible for our customers." It added: "OVO's pleased to partner with HSBC. We're aware that today, HSBC finance a number of industries that significantly contribute to greenhouse gas emissions. But we know the bank has an active strategy to help its customers reduce their emissions and to reduce their own."