PlayStation 5 owners can earn £283 via new recycling service along with other consoles

If you're looking to part ways with your PlayStation 5, either it's not for you or you could use the extra cash, there's a new scheme that might help you out.

Virgin Media and O2 (VMO2) Recycle scheme has been around since October 2009 and it has already paid out £341 million in the past 15 years.

However, starting yesterday, the mobile networks are now accepting consoles as a part of a scheme to help people put some money towards their monthly bills.

UK residents can hand in their old PlayStation 5 consoles to the mobile network and receive up to £283 in return.

PlayStation 5 owners can receive up to £283 as part of O2 Recycle / SOPA Images / Contributor / Getty

The recycling scheme extends to other current-gen consoles too including the Xbox Series X, where you can get up to £238 whilst the Nintendo Switch which could bring you up to £110.

Obviously, the exact cost would depend on the specs and condition of your console.

So, do you have to be a member of O2 or Virgin Media?

That's the best part - the scheme is open to customers on any mobile network. So, EE, Vodafone and Three customers are all welcome and encouraged to take part.

According to O2, the unwanted devices will be refurbished and resold, or responsibly recycled, saving them from landfills.

You might be thinking why not just take your console down to a second-hand shop like CEX, but you might get back less than what you expect. For example, CEX accepts the PS5, without a box, for £243 and £93 for the digital version.

Customers can be on any mobile network to take part / John Keeble / Contributor / Getty

Furthermore, trading in your Nintendo Switch - depending on the colour of the console - could fetch you just over £100, but still less than what O2 is offering.

Outside of gaming consoles, O2 also accepts unwanted gadgets like smartphones, Apple Watch and wireless earbuds.

The decision to accept consoles came on the back of a survey that found there could be around 18 million unused consoles stashed in attics and cupboards across the UK.

Dana Haidan, chief sustainability officer at Virgin Media O2, said: 'We’ve powered up O2 Recycle to cover consoles and MacBooks, making it even easier for people to trade in their unwanted tech for cash and to protect the planet by saving their device from landfill.'

So if you're looking to upgrade or rake in some extra cash - and you live in the UK - make sure you take advantage of this scheme.