Should you replace your aging appliances with new energy efficient models?

It's no secret that today's appliances are a lot more energy efficient than the ones built just a few years ago, but does replacing a perfectly good water heater or electric range with a new, energy-sipping model make sense? The answer to that question depends on several factors:

1 - How often do you use the appliance? If you travel a lot on business and rarely cook at home, you would probably be better off in the long run by keeping your old range until it dies.

2  - Are there serious annoyances that go hand-in-hand with using  an existing appliance? If you often run out of hot water in the middle of a shower, now just might be the perfect time to place that 7 year old water heater.

3 - Are you using an appliance that could be considered dangerous? If sparks fly from the back of your microwave every time you turn it on, don't wait another day - head straight for an appliance store!

4 - Energy efficiency aside, are there features available on new models that you would really love to have? If so, why not go ahead and upgrade now?

5 - Would purchasing a new energy efficient appliance qualify you for a hefty tax break? Go for it!

If you do plan to upgrade one or more of your appliances, consider donating your old one(s) to either a neighbor in need or a local charity such as the Salvation Army. Doing so will help keep our landfills from filling up so quickly while at the same time lending a helping hand to someone who could desperately use one.