Despite years of development, various places in rural India still do not have 24/7 access to electricity. This inhibits productivity and lowers the quality of life for various rural stakeholders. Studies have found that, on average, households in rural India receive approximately 20.50 hours of power daily. This is significantly lower than 22.33 hours in urban areas, and the marked disparity has resulted in forced migrations and lower welfare.
Metafin have helped provide financing to customers across 11 states and 50 rural cities and towns in India. Customers are able to use the financing in order to purchase rooftop solar panels or electric batteries. This enables customers to reduce their demand for conventional power sources, and also enables them to receive energy throughout the day.
India has a lack of purpose-built financing systems. These shortages of financing channels have resulted in slower adoption of renewable energies by households. Metafin has helped bridge the gap existing in the market.
Given India's ambitious solar goals, the solar energy market is expected to reach $130 billion by 2030. This should give Metafin a large market to achieve scale.