Plenti Group Limited (ASX:PLT) (Plenti or the Company) is pleased to announce the launch of specialist
interest-free (also described as buy now pay later (BNPL)) finance for renewable energy technology, extending the
Company’s popular renewable energy finance product suite.
Plenti’s new zero interest payment plan will
help more Australians realise the benefits of installing residential renewable
energy technology such as solar panels and batteries, allowing homeowners to
spread the cost of their investment over up to 72 interest-free monthly payments.
Plenti is an Australian leader in renewable
finance, having funded the installation of over $100m of residential renewable
technology in the past three years. The launch of new finance offerings, such
as BNPL finance, is a key pillar of the Company’s growth plans in this
expanding lending vertical.
Plenti believes its zero interest payment plan:
- Materially increases the size of the Company’s existing renewable energy finance market opportunity, due to the simplicity and appeal of BNPL finance to both renewable technology vendors and customers; and
- Significantly improves the appeal of the Company’s renewable energy finance offering, creating a ‘one stop shop’ allowing vendors to offer both interest-bearing and interest-free BNPL finance from within a single point-of-sale portal.
The public launch of zero interest payment plan
follows a successful pilot rolled
out over the past three
months with selected
renewable technology partners. During this time, solar finance applications
through pilot partners have increased by 80% when compared to the average
demand in the six months prior.
Commenting on the launch of the zero interest
payment plan, Daniel Foggo, Plenti’s Chief Executive Officer, said: “The
performance of the pilot has far exceeded our expectations and gives us
confidence in future demand from our total network of referral partners. Our expansion into BNPL finance marks an
exciting development in our plans to be the Australian consumers’ funder of choice for the purchase of renewable
energy technology. By offering a simple zero interest payment plan,
differentiated by customer-focused technology
and term flexibility, we believe
we can help more households enjoy the benefits of affordable renewable
energy while helping Australia achieve its emissions reduction goals.”
Plenti’s decision to launch BNPL finance in the
renewables lending vertical was catalysed by the Australian Competition
Tribunal decision in September 2020 relating to the provision of finance under
the New Energy Technology Consumer Code (NETCC),
a voluntary code of conduct for suppliers of renewable energy products and
services. The NETCC allows the provision of BNPL finance, although stipulates
minimum standards including in relation to the transparency of fees and charges
and minimum levels of protection offered to consumers.
With its background in providing consumers with
regulated finance for the purchase of renewable energy technology, Plenti
expects its zero interest payment plan to lead the industry in offering
strong consumer protection.
Since the launch of its renewable energy loans
in 2017, Plenti has worked with hundreds of accredited vendors and installers
to deliver finance to over 13,000 Australian households. Plenti has also
contributed to the adoption of renewable energy technology through the
Company’s role as the exclusive administrator of the South Australia Home
Battery Scheme and its role as delivery partner for the pilot of the NSW
Empowering Homes Program.