CaixaBank, Spain's leading bank, and EDP, a world leader in renewable energies, have strengthened their collaboration agreement to promote photovoltaic self-consumption installations for businesses. It is a turnkey solution aimed at businesses, self-employed workers, SMEs with a maximum turnover of €2 million and AgroBank customers. The commercial package includes everything required for businesses to generate their own energy and save up to 50% on their electricity bill.
Given the heavy use of electricity in these businesses' commercial activities, self-consumption helps combat inflation and improves competitiveness, while also contributing to the transition towards a more sustainable energy model.
Thanks to its specialised model tailored to each customer segment, CaixaBank is a benchmark financial services provider for small companies, businesses and self-employed workers. The bank develops products and services adapted to suit the specific needs of these customers underpinned by personalised and comprehensive advice, not only through financial support, but also by supporting aspects of their everyday business management. In addition, via AgroBank, the bank has developed a firm commitment to the agri-food sector and rural communities.
A package completely tailored to the customers' needs
The new commercial package includes an online personalised calculation of the recommended dimensions for the installation, a real-time estimate, the photovoltaic panels, the complementary technology required to start it up and expert installation. All administrative procedures are processed by EDP, including the procedure to benefit from the Next Generation EU (NGEU) funds.
Installations of all sizes can be contracted, starting at a basic package ranging from 1.8 kWp to 29.7 kWp. For example, a package of 34 panels and a power of 15.3 kWp would cover the needs of businesses with a monthly electricity bill of up to €1,000. The average cost of an installation with these characteristics amounts to around €25,000, but CaixaBank offers various financing options.
Customers can access these self-consumption solutions with financing starting at 12 months at 0% APR. They can also choose longer terms, of up to 120 months, at a low interest rate (3.9% APR up to the end of the year). CaixaBank's and EDP's offer includes a three-month grace period, which is a period during which the customer is not required to make any payment. The marketing is completed online through Wivai.
Contributing to curbing CO2 emissions and saving on electricity bills
CaixaBank and EDP have been pioneers in creating commercial packages for specific financing aimed at facilitating access for the general public to self-consumption and energy efficiency solutions. Customers can benefit from installations backed by EDP's experience and technology and from financing provided by CaixaBank on advantageous terms.
Both companies aim to install 100,000 self-consumption photovoltaic units 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 on the electricity bills of those using the equipment.
CaixaBank: boosting and helping the energy transition
Sustainability is one of the three pillars of CaixaBank's 2022-2024 Strategic Plan, which sets out three ambitions: driving the sustainable transition of companies and society; leading the positive social impact; and encouraging financial inclusion, as well as fostering a responsible culture by being a benchmark in governance.
The initiative is part of CaixaBank's framework for action to driver energy transition. The financial institution has set a series of commitments, including mobilising €64 billion in sustainable finance by 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.
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 partnership with CaixaBank is part of EDP's Strategic Plan for the 2021-2025 period, which envisages investments of €24 billion 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. The company aims to aid the best market opportunities in order to help promote a new consumption model that is more enduring and committed to sustainability.
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.
