CaixaBank and EDP reinforce their alliance with the aim of adding 100,000 new photovoltaic installations by 2025
Spain's leading bank and the world leader in renewable energies are strengthening their collaboration through a strong boost to the installation of solar energy panels for self-consumption and the expansion of the commercial offer, such as a new package to finance storage batteries.
CaixaBank, Spain's leading bank, and EDP, a world leader in renewable energies, have strengthened their collaboration agreement to promote the installation of energy-saving and sustainability solutions in homes.
Both companies have been pioneers in this field with the creation, in 2021, of a commercial package focused on photovoltaic installations, backed by EDP's experience and technology, with financing on advantageous terms, with a three-month grace period (i.e. payment does not start until three months after installation). The marketing is done online through Wivai. Customers can select the product directly and choose whether to finance it in instalments of up to 120 months at between 0% and 3% APR. CaixaBank customers have immediate access to the financing through their manager.
The positive market reception of CaixaBank and EDP's proposal, in a context in which energy efficiency has become a key issue, has contributed to the decision by both companies to strengthen their alliance in this area. The collaboration is reflected, on the one hand, in the strengthening of commercial activity over the coming months, within the framework of the relaunch of CaixaBank's 'MyHome' range of solutions for the home, and, on the other hand, in the expansion of the range of products linked to sustainability for private homes, with new complementary proposals to the solar panels.
The first initiative in terms of new products is the creation of a new commercial package for the installation of energy storage batteries, which enables the solar energy captured during daylight hours to be stored for use at night. CaixaBank and EDP forecast that around 20% of customers who install solar panels on their homes will also decide to incorporate storage batteries. The product can already be contracted through Wivai.
Leaders in promoting sustainability solutions for the home
The CaixaBank and EDP agreement positions the two companies as leaders in Spain in the field of photovoltaic installations for self-consumption in private homes and as a sector benchmark in terms of promoting sustainability solutions for households.
For Juan Antonio Alcaraz, CaixaBank's General Manager of Business, "this agreement allows us to facilitate mass access to renewable energy, with a simple commercial formula, very accessible financing and products with the potential to significantly support the transition towards a more efficient and sustainable energy model. We aspire to be the ones to lead this change in Spain and make it available to everyone who wants to contribute to it".
Vera Pinto Pereira, CEO of the commercial area of the EDP Group, points out: "Distributed generation is essential to accelerate the energy transition. Its growth is unstoppable thanks to the ease with which families can produce their own renewable energy and the significant savings it generates on their bills. This alliance with CaixaBank will further contribute to an increase in the production and consumption of more efficient and green energy in Spanish households".
Contribute to curbing CO2 emissions and saving on electricity bills.
Thanks to this agreement, CaixaBank and EDP aim to achieve 100,000 self-consumption photovoltaic installations by 2025. This figure is equivalent to planting 9 million trees and would avoid the emission of 150,000 tonnes of CO2.
It would also save an estimated 80 million euros on the electricity bills of the people who install this equipment. The implementation of a photovoltaic installation for self-consumption in a home generates annual savings in electricity consumption of up to 50%. In addition, customers can benefit from further advantages, such as surplus compensation, whereby they receive a discount on their bill for the energy that is generated and not consumed. Likewise, depending on the municipality where the panels are installed, they are eligible for subsidies and tax rebates covering up to 35% of the cost of the installation.
CaixaBank: boosting and helping the energy transition
Sustainability is one of the three pillars of CaixaBank's Strategic Plan 2022-2024, which sets out three ambitions: to drive the sustainable transition of companies and society, to lead the positive social impact and favour financial inclusion, and to promote a responsible culture by being a benchmark in governance.
The initiative is part of CaixaBank's framework for action with the energy transition. The financial institution has set a series of commitments, including mobilising 64,000 million euros in sustainable finance until 2024 through solutions and products for individuals and companies. The promotion of energy self-consumption reinforces the bank's commitment in its fight against climate change and the promotion of sustainability among customers and society in general, by facilitating access to financing for the use of a non-polluting renewable energy source, with a beneficial impact on the environment and the planet.
The photovoltaic panels have a production capacity ranging from 1.8 kWp to 15 kWp, thanks to which customers can generate between 2,700 kWh and 22,500 kWh per year. The average price of the installation, depending on the number of panels, is around 7,000 euros. The solar panels also come with a 12-year guarantee and a guaranteed power output for 25 years. In addition, people who subscribe to these solutions will have a preferential and exclusive service provided by EDP.
CaixaBank is a leading company in sustainability, environmental management and climate change, with recognitions such as inclusion in the CDP 'A List' in the 2021 edition. The bank was the only Spanish bank to achieve this milestone.
CaixaBank is also included in the Dow Jones Sustainability Index as one of the world's most sustainable banks.
A firm step forward in EDP's strategy
EDP is a leading international energy group in value creation, innovation and sustainability. It is part of the Dow Jones Sustainability Indexes (World and STOXX) and is also a world leader in renewable energy.
In Spain, where the EDP Group directly employs more than 1,550 people, it is a benchmark in the energy market, present in generation, with almost 5,000 MW of installed capacity, 1.3 million supply points in distribution and a portfolio of commercialisation to business customers of electricity, natural gas and services with a consumption of more than 17 TWh/year.
The alliance with CaixaBank is part of EDP's Strategic Plan for the period 2021-2025, which envisages investments of 24,000 million euros in its three main lines of action: growth in renewable energies, flexibility and intelligence of electricity distribution networks and a commitment to designing and offering the most innovative solutions to its customers. This ambitious plan contributes to EDP's goal of being 100% renewable by 2030.
About Wivai
Wivai is an e-commerce select place specialising in offering a selection of novelties that stand out for their high component of innovation and design in technology, home, mobility, protection, travel, sport and leisure.
Anyone interested can consult the available offer online, buy a product or contract a service and access convenient and simple financing offered by CaixaBank. Customers receive their purchases directly at home.
Wivai is part of the initiatives launched by CaixaBank and its payment and consumer finance subsidiary CaixaBank Payments & Consumer.
