I live in Tennessee where TVA, our electric supplier, has raised our electric bills 30% in one month. I have started really trying to be more frugal. I purchased a indoor clothes line and strung it up in my basement. I bought it off ebay for $25.00, and it will hold 2 loads of laundry. It usually dries in less than one day. With a family of five, I do at least 1 load per day, I know this will help with my electric bill.
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Not everyone has a basement, so why not use one in a room in your home where you don't actually live, like a spare bedroom. You could put the clothes line in the closet and retract the line when not in use. My retractable line is the diameter of a paper plate and maybe 5 inches wide. Very small.
In one week I was able to hang 7 loads of laundry on my line. Some loads were jeans which would have required more than one run on the dryer. I never waited more than 14-16 hours of dry time. Also, I forgot to add, my basement isn't heated or cooled. Hope this helps someone.