I just started hanging clothes last weekend. It's great! We can't hang outside per HOA rules (and we have a townhouse, so no backyard anyways), so I hang inside on a folding rack. I am going to invest in a 2nd folding rack. I did use the dryer for one load with sheets, because sheets are too big for my drying rack.
It adds maybe 5min per load to hang on the rack. Not a big investment at all, IMO.
Another thing to save electricity - we turned off the AC! I'm so excited about this - it was 95 this weekend and I was tempted, but we made it though and now it's cooler again.
We went though our old electricty bills and we average under 500 kWH a month, even with the dryer, so I'm looking forward to seeing how this pans out. (Sadly, in months when we used AC, our electric usage doubled!! I never realized what a energy hog AC was.) I'm excited about this because I think we can install a solar system to cover our electricity usage for around $20k. Now I just need to do more research and see if this is something we want to invest in ...