CaixaBank, Spain's leading bank, and EDP, the world leader in renewable energies, have reached an agreement to promote the installation of energy-saving and sustainable solutions in the home among private customers.

The first step in the collaboration between the financial institution and the renewable energy company is the creation of a commercial package, with financing under advantageous conditions, so that anyone interested can have access to a photovoltaic installation adapted to their needs.

The commercialisation is carried out through Wivai, an e-commerce select place specialising in the latest technology, home and mobility products, so that anyone interested can consult the characteristics of the installations online, make the reservation of the product and acquire it in comfortable installments with immediate and simple financing.

Self-consumption solar energy: savings and more advantages for customers

The implementation of a photovoltaic installation for self-consumption in a home generates annual savings in electricity consumption that can reach 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.

The installations included in the agreement between CaixaBank and EDP have a production capacity ranging from 1.8 kWp to 15 kWp, thanks to which customers will be able to generate between 2,700 kWh and 22,500 kWh per year. It is estimated that the average annual electricity consumption of a household in Spain is around 4,000 kWh. CaixaBank and EDP have developed an online calculator to help customers estimate the characteristics of the right installation for their needs.

The average price of the installation, depending on the number of panels, is around 7,000 euros (corresponding to a pack of 8 panels - 3.6 kWp). CaixaBank offers financing in instalments of up to 120 months and APR from 3%. The solar panels are also guaranteed for 12 years and their power output is guaranteed for 25 years. In addition, people who subscribe to these solutions will have a preferential and exclusive customer service provided by EDP.

In addition to the panels, the offer marketed through Wivai also includes the various technological devices necessary for the solar energy captured to be transformed into electricity that can be consumed in home or fed into the grid: the Huawei inverter and EDP's re:dy smart app to monitor production and consumption. The package also includes installation, maintenance for 3 years and help with administrative procedures, both to obtain the required legal authorisations and to apply for tax credits.

Wivai: an initiative to support the revival of consumption

Offering solar panels means expanding Wivai's catalogue into new product categories and new business segments that are booming. The e-commerce site specialises in offering a selection of innovative and design-led innovations in technology, home, mobility, protection, travel, sport and leisure. Those who purchase a Wivai product receive it conveniently at home and can also access to immediate financing, offered by CaixaBank.

Wivai is one of the initiatives launched by CaixaBank and its payment and consumer finance subsidiary CaixaBank Payments & Consumer to reactivate consumer spending.  All of them are grouped under the 'MyDreams' concept, which was presented to the market at the beginning of the year as a general CaixaBank initiative to support the revival of consumer spending in Spain based on new trends, such as online shopping, new types of cards or new payment formulas such as flat instalments or pay-as-you-go.

CaixaBank has a whole area specialising in financing to help customers to fulfil their dreams, called "Enjoying life", and through which initiatives such as "MyDreams" are channelled.

CaixaBank: boosting and supporting the energy transition

The initiative also falls within the framework of CaixaBank's commitment to sustainability, one of the priority lines of action within the Socially Responsible Banking Plan 2019-2021. Therefore, this financing initiative for the installation of solar panels for self-consumption extends the bank's commitment to the 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.

CaixaBank is considered a leader in sustainability, environmental management, and climate change, with awards such as inclusion in CDP's 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, contributing to achieving the group's goal of reaching 2.2 GWp of distributed solar capacity sold by 2025. This is an ambitious plan that foresees investments worth 24,000 million euros and supports EDP's goal of being 100% renewable by 2030.

About CaixaBank Payments & Consumer

CaixaBank Payments & Consumer, a wholly owned subsidiary of CaixaBank, is the CaixaBank Group's specialist consumer finance and means of payment entity.

The company manages outstanding credit of more than 8,500 million euros and is the leading entity in card payments, with 31.2 million units sold, a 33.6% share of sales in purchases and 37.5% through POS terminals in shops.

CaixaBank Payments & Consumer encompasses more than 20 companies related to the world of consumer and payment services, wholly owned subsidiaries or subsidiaries with strategic partners, with the aim of accelerating and expanding the bank's capabilities.