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By using RFID technology, RecycleBank is encouraging residents in several cities to go green. Tags are placed on curbside recycling containers, which a truck-based reader scans for information about weight and location. Once the data is transmitted wirelessly to a server, residents can then log in and see how much they've recycled. They accumulate points for doing so, which they can redeem for a wide range of discounts, gift cards, and products from such merchants as Whole Foods Market, Staples, Kraft Foods, and Coca-Cola. Incentives include t-shirts made from recycled bottles and the option of having a tree planted. Participating cities, haulers, and recycling facilities pay about $2 per household month; retrofitting garbage trucks runs between $10,000 and $35,000 each. However, by lightening the load on landfills, savings can actually exceed costs. Early results of the program indicate that the use of RFID technology can boost recycling by as much as 136 percent. According to venture capitalist Trae Vassallo, 'RecycleBank's business model proves that going green can be market driven.' RecycleBank secured $30 million in Series B financing last April, and expects to be profitable next year. At that point it plans to expand operations from its current base of 40 cities on the East Coast.
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