The funding is from the Scottish Government's recycling improvement fund.
Councillor Lesley Macinnes, Environment Convener, said:
We really welcome this funding and endorsement from Zero Waste Scotland for our new modern communal waste and recycling service. It’s a significant contribution to our overall delivery budget which will help us provide this improved service to around 130,000 residents who live in shared properties and therefore don’t have our kerbside service.
“The new convenient hubs make recycling easier and more accessible for residents as we’ve grouped all of the different types of waste bins together.
Councillor Karen Doran, Environment Vice-Convener, said:
This significant funding shows great support for our new communal bin hubs which provide increased capacity, a more reliable and frequent service as well as reducing overflowing bins and street clutter.
The funding will also be used for new bin sensors and five new electric vehicles for our fleet helping towards Edinburgh’s net zero ambitions and making improvements to our air quality.