METHOD AND SYSTEM FOR EXCHANGING ENVIRONMENTAL SAVINGS ACQUIRED BY USE OF ALTERNATIVE FUELS

• US 20090228404A1
• Filed: 03/05/2008
• Published: 09/10/2009
• Est. Priority Date: 03/05/2008
• Status: Active Grant

• Current Assignee: Propel Biofuels Inc.
• Original Assignee: Propel Biofuels Inc.
• Inventors: Elam, Rob, Kudriavtseff, Michael
• Granted Patent: US 8,498,920 B2
• Time in Patent Office: Days
• US Class Current: 705/412
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/06 Energy or water supply

Abstract

A method and system to report the environmental benefits of consumers'"'"' purchases of alternative fuels. The system tracks and stores the purchases of customers from a vendor of alternative fuels. The system calculates the environmental savings that a customer generates by using alternative fuel in place of standard fuels. Environmental savings may be calculated in terms of various metrics, including reduced carbon emissions, gasoline not consumed, or other environmental benefits. The system provides a marketplace that allows consumers to receive the benefit of the calculated environmental savings by selling, trading, or retiring the generated savings.

Claims

1. A method for exchanging environmental savings generated by using alternative fuel, the method comprising:

receiving transaction information on a purchase of alternative fuel by a customer at a fueling station;

converting the received transaction information to credits reflecting environmental savings;

presenting the customer with a redemption option for which the credits can be redeemed;

receiving from the customer an amount of credits to be redeemed; and

redeeming the received amount of credits in accordance with the redemption option.

2. The method of claim 1, wherein the redemption option is to exchange the credits for money.

3. The method of claim 1, wherein the redemption option is to donate the credits.

4. The method of claim 1, wherein the redemption option is to retire the credits.

5. The method of claim 1, wherein the redemption option is to exchange the credits for products or services.

6. The method of claim 1, further comprising displaying to the customer a plurality of merchants whose goods or services can be exchanged for the credits.

7. The method of claim 1, wherein presenting the customer with a redemption option further comprises presenting the customer with a plurality of redemption options.

8. The method of claim 7, wherein receiving from the customer further comprises receiving a selection by the customer of one of the plurality of redemption options.

9. The method of claim 1, further comprising displaying to the customer a history of previous redemptions.

10. The method of claim 1, wherein the conversion of the received transaction information to credits is calculated according to the market value of the environmental savings.

11. A system for exchanging environmental savings generated by using alternative fuel, comprising:

a data receiver component that receives transaction information on a purchase of alternative fuel by a customer at a fueling station;

a data conversion component that converts the received transaction information to credits reflecting environmental savings;

a display component that presents the customer with a redemption option for which the credits can be redeemed; and

a redemption component that receives from the customer an amount of credits to be redeemed and redeems the received amount of credits in accordance with the redemption option.

12. The system of claim 11, wherein the redemption option is to exchange the credits for money.

13. The system of claim 11, wherein the redemption option is to donate the credits.

14. The system of claim 11, wherein the redemption option is to retire the credits.

15. The system of claim 11, wherein the redemption option is to exchange the credits for products or services.

16. The system of claim 15, wherein the display component further displays to the customer a plurality of merchants whose goods or services can be exchanged for the credits.

17. The system of claim 11, wherein the display component presents the customer with a plurality of redemption options.

18. The system of claim 17, wherein the redemption component also receives a selection by the customer of one of the plurality of redemption options.

19. The system of claim 11, wherein the redemption component stores a history of previous redemptions and the display component further displays to the customer the history of previous redemptions.

20. The system of claim 11, wherein the conversion of the received transaction information to credits is calculated according to the market value of the environmental savings.