How the Circular Economy Can Lower Costs
- Extending product lifespans by repairing, refurbishing, and reusing keeps products in circulation longer, saving consumers money by reducing frequent replacements
- Promoting shared ownership models, like clothing rental services or car shares, helps consumers avoid the upfront ownership costs and reduces overproduction
- Using resources like recycled materials, designing for modularity, or operating take-back schemes can cut costs for businesses, create value for consumers, and stabilize prices amid market volatility
- Implementing circularity minimizes waste, reduces expensive disposal fees, and offers a revenue stream of recovered end-of-life materials
Case Study
The New Meaning of “Moving”
Vancouver-based Renewal Development rescues, relocates, modernizes, and repurposes homes in British Columbia, which is 20-40% cheaper than buying new, eliminating most of the production- and construction-stage GHG emissions.
Case Study
Let’s Talk SHT
IKEA Canada eliminated the double tax on second-hand items with the SHT (Second Hand Tax) initiative in April 2024, allowing Ontario customers to shop their second-hand furniture tax-free and inspiring an ongoing discussion to end the double tax.
A Call to Action
The circular economy redefines affordability by emphasizing shared value and long-term savings over short-term cost-cutting. Policymakers can incentivize businesses to adopt circular models and invest in programs that expand access to affordable circular solutions. Businesses should rethink pricing structures and offer rental, repair, and secondhand options. Consumers can make sustainable living more affordable by adopting circular practices like repairing, renting, or buying secondhand.
By embracing circular systems, we can make quality, durability, and sustainability affordable for everyone.
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