Shoppers will be able to save hundreds of pounds on televisions, fridges and washing machines by trading in old models under a "revolutionary" recycling initiative.

Plans published on Tuesday disclose that 50 companies from Sainsbury's to Samsung will offer discounts and vouchers to customers who return electronic goods in working order.

A mid-range laptop computer is still worth around £240 two years after purchase, while a three-year-old 55-inch television is still typically worth £475.

Major retailers and supermarkets such as Sainsbury's, Argos, Homebase and B&Q could offer drop-off points where customers can take old appliances and gadgets that they no longer need.

LG, Panasonic and Samsung and other manufacturers will offer similar services, perhaps picking up old appliances in a van.

In exchange, the companies would supply the customer with a discount on a replacement, or vouchers, within a few days or weeks.

Customers might be able to reduce the cost of a new TV by as much as a quarter if the full resale value of returned goods was passed on – although experts advised that the discounts were likely to be smaller.

Electrical items worth around £1 billion sit idle in British homes and lofts, many of them with substantial resale value, according to Wrap, the sustainability campaign group behind the initiative.

Dr Liz Goodwin, chief executive of the organisation, said returned items will be refurbished and sold on, creating a new market in second-hand goods that could add £3 billion to Britain's economy.

"This has the potential to revolutionise how we design, manufacture, sell, repair, reuse, and recycle electrical and electronic products," she said.

The 50 firms signed up to the Electrical and Electronic Sustainability Action Plan will create buy-back services within the next three-to-five years under the agreement.

They have also pledged to design more durable products, particularly in the kitchen, that can be used for longer without the need for repair.

Data held on laptops and other devices with memory will be erased in the refurbishment process, Wrap said, making it more safe than selling on eBay.

Manufacturers will also be able to recycle products and parts, particularly gold used in circuitry, which might otherwise end up in landfills.

Other major names on the list of signatories unveiled on Tuesday include Microsoft, Next, Sky and Dell.

Dr Goodwin said each company would develop a refurbish and resale plans, with the accompanying discount offers, in its own ways. The plans will be discussed at a conference in London today.

"This is a win-win situation for consumers and businesses," she said. "Consumers could get money for a product they no longer want, someone who can't normally afford a product or particular brand can now do so from a reputable source."

Wrap hopes to convince other companies to join the 50 signed up to the initiative.

Source: telegraph.co.uk