What power settings should I use for my LCD monitor to conserve energy as well maximize its lifespan?

My PC is generally on most of the day when someone is home. We sit down at it several times throughout the day.
The brightness is set to 70%, which is the best viewing when our living room is darker at night.

Answer:
The light in LCD displays is generated by fluorescent lamps or LED's behind the screen. Even at full brightness for a large display, the lamps use less than 40 watts, compared to a couple of hundred watts for the PC alone (not counting extra drives, printers or other peripherals). Lamps are rated for 5,000 or more hours at full power. Adjust it for your comfort.
If you want to save some energy, put a power-line (mains) switch on the whole system, such as a multi-outlet power strip (after the UPS, if you use one; otherwise the UPS will run). This will stop even the few watts of standby power for an unswitched monitor, and reduce the chance of damage due to a line surge while switched "off".
Setting the brightness control to the lowest setting that allows you to work effectively should save energy and prolong the life of the equipment, because it will decrease the heat output from the screen.

The other big energy savings would come from the "auto-sleep" function that would shut off power to the screen with inactivity. This might be built into the monitor, or it could be controlled from the control panel of your operating system.

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