I have been air drying many of my clothes for years. I find that it not only saves energy (and money), but it makes my clothes last a lot longer and the colors stay bright. You can dry your laundry inside or outside. Sunlight is a natural disinfectant and it will brighten your whites! How cool is that!?! With this said, you should dry your darks and colors in the shade or indoors to keep them from fading.
I love the Wall Shelf Drying Rack from Gaiam for indoor drying! I really want to buy it. You can put it in your laundry room and collapse it when not in use. I like this one better than the floor racks, just because it’s off the floor and out of the way.