The EnergyGuide label on new refrigerators will tell you how much electricity in kilowatt-hours (kWh) a particular model uses in one year. The smaller the number, the less energy the refrigerator uses and the less it will cost you to operate. In addition to the EnergyGuide label, don't forget to look for the Energy Star label. A new refrigerator with an Energy Star label will save you between $35 and $70 a year compared to the models designed 15 years ago. This adds up to between $525 and $1,050 during the average 15-year life of the unit.

Keen cooks may want to take advantage of multi-function ovens - usually aimed at the top end of the market. As well as traditional cooking, fan or fan-assisted cooking and grilling, these ovens offer up to nine further functions. These include: Top element only (browning), bottom element (final cooking of pastry dishes or pizzas), fan and bottom element (delicate cooking), fan only (thawing).

When you're shopping for appliances, you can think of two price tags. The first one covers the purchase price - think of it as a down payment. The second price tag is the cost of operating the appliance during its lifetime. You'll be paying on that second price tag every month with your utility bill for the next 10 to 20 years, depending on the appliance. Refrigerators last an average of 20 years; room air conditioners and dishwashers, about 10 years each; clothes washers, about 14 years.