Plenti launches green Buy Now Pay Later product
Fintech lender Plenti (formerly known as RateSetter) has launched a brand new interest free option for Aussies looking to invest in renewable energy technologies, such as solar panels and batteries.
Customers who apply for the Buy Now Pay Later (BNPL) product will be able to pay off their investment within 3 to 6 years, or up to 72 monthly instalments.
As mentioned, the product is interest free, however customers will be charged a fixed $6 monthly fee to cover the cost of accessing the loan.
In case you weren’t aware, the BNPL model allows customers to purchase items upfront and pay them off in either fortnightly or monthly instalments without incurring any interest.
According to Plenti, the initiative is already off to a positive start thanks to its pilot program that was rolled out three months ago. The lender found that solar applications through these selected partners jumped by 80%, compared to the average demand in the last six months.
“The fact that so many green home Aussies want to invest even further in solar is a huge positive in times of economic uncertainty,” said head of renewable energy finance at Plenti, Louis Edwards.
“To me this shows more people are realising the technology curve we are on, the benefit with new products like home batteries and the need to get in early to invest in their home energy future.”
Plenti yet to sign new BNPL Code of Practice
On Monday, the Australian Finance Industry Association (AFIA) released a ‘world first’ Code of Practice, which sets the best practise BNPL companies must abide by.
Afterpay, Zip and Klarna are among some of the many BNPL services that are expected to sign the new Code.
According to the Australian Financial Review, Plenti has joined the AFIA, but are yet to sign the Code. However, they are meeting with the financial services industry to discuss doing so.
Solar customers keen to expand current investment
Following a survey of 552 Aussies nationwide, Plenti found that 99% of current solar customers are not only enjoying their solar system, but say they are saving an average of $175 a month on their energy bills.
Of those who are enjoying their solar systems, 46% are already looking to expand or upgrade their current renewable energy technologies.
If you’d like to find out how solar energy can help your household save on energy costs, check out our solar energy guide.
And if you’d like to read up on how BNPL works, head on over to our Buy Now Pay Later comparison guide.