About 6% of total energy consumption goes toward dryers and the process of drying clothes. Hanging your clothes out to dry, especially nice things like dress shirts, will actually keep them in better condition because there is less handling involved. AND, hanging clothes out to dry usually reduces the need for ironing! Just use non-metal hangers so there is no chance of rust. Sun also acts as a natural bleach, eliminating the need for harsh chemicals that will eventually pollute the ground water or your body through skin absorption!
Project Laundry List has a feature that will let you calculate home much money you can save if you line-dry.
Care2 has a bunch of tips for making your entire laundry process more energy efficient.
No clue how to hang your clothes to dry? Wikihow has step-by-step instructions and awesome tips! Everything you need know about any type of laundry or linen.