Plenti launches green BNPL finance

The non-bank lender has announced the launch of specialist interest-free finance option for renewable energy technology.

Plenti’s buy now, pay later (BNPL) finance option for the installation of residential renewable energy technology such as solar panels and batteries will allow home owners to make over up to 72 interest-free monthly payments.

Customers will be charged a fixed monthly fee of $5.99 for accessing the product with a loan term of between three and six years, while the cost of extending finance is paid by the renewable technology vendor through an upfront merchant fee, as per the arrangement with other merchants providing BNPL, a Plenti spokesperson told Mortgage Business.

The listed lender said it believes that the zero-interest payment plan would “materially” increase the size of its existing renewable energy finance market opportunity due to what it called the “simplicity” of BNPL finance to both vendors and customers.

It also said that the product would allow vendors to offer both interest-bearing and interest-free BNPL finance from within a single point-of-sale portal.

According to the lender, the public launch of the interest-free payment plan has followed a pilot rolled out over the past three months with selected renewable technology partners.

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Source: Plenti launches green BNPL finance – Mortgage Business