Sustainability is the ability to afford the current needs without compromising future generations’ ability to meet theirs across geography and time. In modern times, there is a lot of focus on environmental preservation. Climate change and global warming have become central to modern policies. It is thus important to determine the impact of hire purchase and how it can enhance sustainability.

What Is Sustainability In Hire Purchase In Kenya

Hire purchase is a purchase structure that helps customers to afford items by spreading the cost. The aim of a hire purchase is to make items that are expensive in cash more affordable. The buyer avoids paying the total cost of items upfront. The hire purchase dealers allow the buyer to pay only a fraction of the cost and take home the items. The remaining balance is spread out into affordable installments to clear the cost.

Hire purchase cuts across different areas in sustainability. It seeks not only to promote environmental sustainability goals, but also promotes social sustainability.

Environmental Sustainability In Hire Purchase

There are a number of ways that hire purchase improves environmental sustainability. One such way is through making green energy affordable for businesses and homeowners. Instead of relying on carbon fuels for electricity in homes and businesses, hire purchase makes solar energy affordable. It is possible to acquire solar panels and batteries on hire purchase terms to provide lighting and other electricity needs in your home. This helps reduce carbon emissions that affect the environment.

Apart from green energy, hire purchase also promotes the purchase of quality products. Most buyers who cannot afford quality products settle for low-quality items. Cheap items are not durable and will end up being replaced within a short duration. A lot of energy, cost, and resources go into waste when they have to replace these items. With hire purchase, customers can afford expensive items. Most appliances are also energy efficient thus helping the customer save on energy bills and reduce reliance on carbon fuels. Quality is thus not compromised, and they will be less wastage on repairs and replacement.

Social Sustainability in Hire Purchase

One of the best parts about hire purchase is that it promotes diversity and inclusion. Low-income earners and middle-income workers can access quality products as they become affordable with hire purchase. Dividing the cost into small affordable payments drives financial and economic inclusion thus promoting sustainability.

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