Reducing work time and increasing functionality is the drive behind many today's attention-grabbing appliances. "Speed-cooking" ovens, which combine elements of a traditional oven with a microwave, offer cooking times reduced by as much as 50 percent while delivering oven-style taste and texture. These ovens make it easier than ever for families on the go to enjoy homemade cooking at fast-food speeds.

Another popular new feature for the kitchen designed to increase functionality is a side-by-side refrigerator with staggered widths for the freezer and refrigerator sections. Rather than the traditional side-by-side model, the staggered width design allows for storage of larger items such as pizza boxes or large serving trays.

When it comes to costs, consumers have two distinct choices. Standard appliances have much lower prices today than ever before. However, you will pay more for models with higher energy-efficiency. The benefit is that energy-efficient models will help pay for themselves in just a few years.

When comparing the energy efficiency of refrigerators, freezers, dishwashers, water heaters, heat pumps, furnaces, boilers, washing machines and air conditioners, look for the yellow EnergyGuide label. When comparing similar models, this label shows the range of available efficiency ratings and the estimated annual cost and energy use for that particular model. The cost information is based on the national average price of electricity. This label makes it easy to compare the energy efficiency of different units.

There are many features you can look for in appliances that will save money. For example, look for dishwasher models with air-dry options or short- and light-wash functions. Models with a water temperature booster save money by allowing you to set your water temperature lower. Because hot water accounts for about 80 percent of the energy used by dishwashers, the water consumption of the appliance is also important.

Do not be alarmed by the higher price tags on more energy-efficient models. Energy-efficient appliances will save money over the years. If you are just starting to shop for a new home, just wait-prices are energy-efficient appliances are dropping rapidly as more and more consumers are turning to energy-efficient designs.

Perhaps the biggest benefit that new appliances provide homeowners is the overall improvement over the previous generation of appliances. Innovative developments are making today's appliances better than their counterparts produced just a few years ago. Just remember-for every type of new home buyer, there is an appliance package to match their needs and preferences.