RecycleBank gives you credit

What if there were a financial reason to recycle? Wouldn't it be cool if you were reimbursed for all that sticky-fingered, paper-cutting work that you do once a week?

I mean, after all, you are performing a service. Basically, you're a miner. Mining your trash for aluminum, PET plastic, silica, and cellulose. So why not get wages like miners do? Some people have been asking those questions, and that's why RecycleBank was formed.

But that's not why RecycleBank just got $13M in venture capital funding. It got that money because this system actually works.

RecycleBank puts an RFID chip in all of its recycling bins. The chip is linked to individuals' names and accounts. The recycling trucks then weigh your recycling (if properly sorted) and give you credits based on the amount of stuff you're recycling.

The credits can then be exchanged like airline miles. Except, instead of flights, you get a buck off your latte at Starbucks or cheaper dog food or a free rental at Blockbuster.

Of course, there are a few problems with this idea. First, it kind of encourages people to consume more. I don't have much recycling because I drink tap water and read the newspaper online. If I got incentives for cans, I might start drinking Mountain Dew again.

Another possible issue is theft. As weird as it sounds, neighbors might start swapping bins under the cover of darkness or even plundering recyclables.

But so far, in pilot projects, this doesn't seem to be a problem. Two Philadelphia communities saw recycling rates increase from 7% and 35% to 90% each!

I haven't heard of a 90% recycling rate anywhere outside of Europe, so those are very exciting numbers. Especially because more people recycling means more raw material per man-hour and vehicle-mile, which significantly increases the probability that recycling authorities will actually make money.

Via Earth2Tech