QUICK TIP: Do energy-efficient appliances save money?

SAN FRANCISCO (KGO) -- Should you buy a new appliance for the energy savings? Michael Finney has another 7 On Your Side Quick Tip for you!

When you run the numbers, it just doesn't look like that great of a deal.

Back in the day, "get rid of your old refrigerator and you'll save a couple hundred dollars a year" was conventional wisdom. But it's generally not like that anymore. Most appliances will save you $40 to $50 a year. That's nothing to sneeze at, but a new appliance costs $750 or more. It would take 15 years before you break even.

So when you need to buy a new appliance, look for one that's energy efficient, but trying to save money by going that route today - that's going to be a hard one.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

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