Website Turns Reduced Carbon Use Into Increased Earnings
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People who are looking to help the environment and save money at the same time could benefit from a new website that pays people for being earth-friendly. NY1's Money Matters reporter Tara Lynn Wagner filed the following report.If helping the environment isn't enough to get you to turn off the lights, the folks behind MyEmissionsExchange.com hope you'll be willing to go green if it means you can earn green.
"Well, what we want people to do is converse energy and reduce their carbon footprint," says Paul Herrgesell of MyEmissionsExchange.com. "By reducing their carbon footprint they'll earn carbon credits, which we will sell for them and the proceeds go back to them."
Once you create an account, you input your energy usage, month by month, for the past year. As you make an effort to use less energy, you emit less carbon. Each ton of carbon you save becomes a credit that the company then sells on the "voluntary carbon market," and deposits your earnings into your PayPal account.
"We would take your credits to companies that have corporate policies to promote conservation. You've seen a lot of them," says President Tom Reilly of MyEmissionsExchange.com. "Every leading company has a corporate policy to be carbon neutral."
Yet not many are aware of this program. According to Reilly, only 7 percent of Americans know what a carbon footprint is, let alone how carbon credits are traded on their own pseudo-stock market, where companies buy credits to essentially cancel out their own emissions.
"You have to be a carbon footprint nerd to really follow that," says Reilly. "This is an effort to create a carbon market for individuals that doesn't exist today."
You're not going to get rich off selling your carbon credits. If you earn two or three credits a year, you might make around $60, depending on the market. However, the real money comes not in what you earn, but what you save on monthly energy bills by using less energy.
"It depends on the size of your utility bill, but we would say for typical homeowners or families, $400 to $600 per year on their energy savings, on their utility bills," says Herrgesell.
MyEmissionsExchange.com also lists an array of steps to use less energy and reduce energy bills.
"You could probably save about $50 for an average home, just by unplugging things," says Marissa Miraval of MyEmissionsExchange.com. "I mean, there are very simple things, so I hope that this is a venue to try to promote that."
"I think it's a very direct way for people to have an impact on a problem that people are more aware of, plus they are going to save money," says Herrgesell. "So we tend to say that they are aligning their economic and their environmental interests together."
We'll see if that can help save the world!