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Any equipment that is not working or that is below Pentium- or Mac Power PC-level should be recycled, rather than refurbished. Recyclers remove useful parts of such machines and then break down the rest of the materials. They also safely remove hazardous materials.
Some recyclers may charge a fee to accept old PCs and equipment, especially monitors, for recycling. You may, however, be able to find some computer recyclers that operate like vehicle recyclers - that is, they sell the usable parts, keep a fee for themselves, and donate the rest to charity.