Is your ancient clothes washer rumbling? Is your icebox knocking? It’s time to retire that old appliance and replace it with something from the 21st century. When you shop for a new appliance, make sure it bears the Energy Star logo. You’ve seen the logo on all kinds of products, from PCs to TVs to dishwashers. That logo means the product will use less energy than non-energy star products, and when you save energy, you save money.

What is Energy Star?

The Energy Star program was established in 1992 to reduce greenhouse gas emissions through energy efficiency, according to Maria Vargas, National Brand Manager for Energy Star. Energy Star establishes a series of standards for efficiency for various types of products, and manufacturers who meet those standards can put an Energy Star logo on their products. Vargas says that there are more than 60 kinds of products that can earn an Energy Star rating, including refrigerators, air conditioners, water heaters and even new homes and buildings.

You won’t have any trouble finding Energy Star appliances. Most appliance manufacturers have many Energy Star products from which to choose. Whirlpool, for example, has approximately 400 Energy Star models, including dishwashers, refrigerators and clothes washers, according to Whirlpool’s J.B. Hoyt, Director, Regulatory Affairs & State Government Relations.

Why buy Energy Star products?

Vargas says that buying Energy Star products lets consumers “have their cake and eat it too.” That’s because even though Energy Star products are more efficient than conventional products (already a big plus), Energy Star products don’t make sacrifices in performance. An Energy Star dishwasher will wash your dishes just as well as a non-Energy Star model. Also, even if you do pay more for an Energy Star product (and they often cost about the same as non-Energy Star models), Hoyt notes that you’ll make up the difference with the amount you save in energy costs, usually in 2 to 5 years.

Going green pays.

Vargas says that Americans saved about $17 billion dollars on their energy bills last year alone by using Energy Star products. An Energy Star-rated clothes washer that replaces a 10-year-old non-Energy Star model will save the typical household as much as $130 per year. It’ll use 30% less energy and 50% less water. Hoyt says that replacing an older refrigerator with a new Energy Star refrigerator can save the average consumer $64 per year in utility costs.

The amount of money and energy you save by buying an Energy Star product is already a pretty convincing reason to go green, but there’s more green to be had in the form of rebates and tax incentives. In 2009, the U.S. government set aside $300 million for the State Appliance Rebate Program. This money was sent to states around the country. Each state runs its own rebate program and determines the size of the rebate for each product. For example, California offers a rebate of $200 on refrigerators and $100 on clothes washers. Each state will continue to offer rebates until the funds run out, and several states have already closed their programs. You can find your state and the rebates it offers here.

The federal government doesn’t offer much in the way of tax incentives for common appliances such as dishwashers and refrigerators, but you can get a tax rebate on certain energy efficient products such as central air conditioners and heat pumps. You can find more information about these tax credits at the Department of Energy’s Energy Savers website, here.

Hoyt notes that many local utilities offer rebates or other savings opportunities for energy-conscious consumers. For example, PG&E of California offers rebates on certain high-efficiency appliances such as clothes washers and dishwashers (up to $50). Be sure to check with your local utility to see if they offer rebates or other incentives for buying Energy Star products.

It’s hard to go wrong with an Energy Star appliance. They cost about the same as other appliances, they work just as well as other appliances (if not better), they save energy, they save money and you can get cash back for buying one. What’s not to love?