OVO announced a 0% APR solar financing option on 5 April 2024, giving customers 36 months interest-free to spread the cost of a solar panel installation1. Customers are required to pay a £500 deposit, with the remaining monthly costs spread over three years; depending on the package, costs could start from £189.97 a month1.
The announcement came within a wider OVO guide on green technology and property value, which also set out indicative costs for improving an average UK home's EPC rating. OVO's Energy Expert, Greig Millar, gave rough costs for a three-bed semi-detached home with double glazing and a pre-1998 wall mounted non-condensing gas boiler: loft insulation from 50mm to 300mm at £800 to £900, cavity wall insulation at £2,687, and 10 solar panels connected to mains with no battery at £6,3001. Adding an air source heat pump with time and temperature zone controls was put at from £5,000 including the Boiler Upgrade Scheme grant1. OVO totalled the solar and insulation package at around £9,900, and solar, insulation and heat pump together at around £14,9001.
OVO's own data, from a OnePoll consumer survey of 2,000 UK nationally representative adults commissioned by the company and conducted from 12.01.24 to 18.01.24, found that 35% of prospective home buyers are more likely to make an offer on a home with green tech installed, such as solar panels or a heat pump1. The same figure was 37% for triple-glazed windows and 31% for roof insulation1. OVO also cited Rightmove's Greener Homes Report, published July 2023, which it said showed that improving a property's EPC rating from F to C could increase its overall value by 15%1.
Mat Moakes, Chief Commercial Officer at OVO, said:
"Thousands of customers like Robin are making the switch to green tech, and they're reducing their bills, cutting carbon and adding value to their properties in the process. I haven't looked back since getting solar panels installed, and offering customers 0% finance for solar panels was a no-brainer for us because we want to improve access to green tech for as many people as possible."
OVO also described one customer, Robin Clapp of Wiltshire, who it said is saving over £120 a month on his driving and home energy costs after getting solar panels and an EV charging point installed over a year ago, and who improved his home's EPC rating from D to B1. OVO said he lowered his travel costs from £90 a month on diesel to £20 a month for his EV1.
Why it matters for households
Solar is a capital purchase, and the way it is paid for affects both the upfront barrier and the total cost. Interest-free credit over three years removes the interest charge that would otherwise sit on top of an installation, but it does not reduce the price of the system itself, and the £500 deposit and monthly payments still fall due regardless of how much the panels generate or export. Households weighing finance for boilers, solar, batteries and heat pumps against paying outright are comparing a fixed monthly commitment with a single payment, and the monthly figure quoted here depends on which package is chosen1.
The wider figures in the announcement matter because they set the scale of the outlay. At £6,300 for 10 panels with no battery, and around £14,900 for solar, insulation and a heat pump together, the sums involved are large relative to typical household budgets1. The EPC banding is also relevant to anyone thinking about resale: OVO cites Rightmove data linking an F to C improvement with a 15% uplift in property value, and its own survey figures on buyer willingness to offer on homes with green tech installed1. How quickly a system pays for itself depends on generation, export payments and how much of the output a household uses itself, which the announcement does not quantify beyond the single customer example1. The solar panel cost guide and the savings and payback guide cover those variables in more detail.
What happens next
OVO has not reported an end date for the 0% APR offer, nor how many installations it covers, nor whether the rate applies to batteries, EV chargers or heat pumps as well as solar panels1. No eligibility criteria beyond the £500 deposit and the three-year term have been reported1.
Sources1 cited
- How green tech could increase your home’s value by 15% - OVO, ovoenergy.com