I dry them often and jar them up - keeps for ages.
Just thread them onto a length of string with a knot between each chilli, then hang them up in the airing cupboard. Time it takes varies, longer the better. Works a treat. Adjustable curtain rails are perfect for the job, just place it high enough to miss headbutting it then hang any thing you require drying on it (I use the hooks shops use to hang banana's up with, Er ... I "borrowed" some from my local store) You can dry herbs the same way, only tie the stalks of a bunch together then hang them upside down.