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Price watch: 1TB external drive for $79.99

Fantom's GreenDrive is cheap and environmentally friendly--sorta. But it's not for rebate haters. This deal involves a pair of $20 rebates, plus a few bucks for shipping.

You'll have to deal with a pair of rebates to get this 1TB drive for $80. But so what? Fantom Drives

Ladies and gentlemen, we have a new low! OnSale.com has the Fantom GreenDrive 1 terabyte external hard drive for $79.99. UPS Ground shipping will run you a very reasonable $4.99.

OK, you knew there had to be a catch, right? Actually, there's a pair: rebate No. 1 (PDF) and rebate No. 2 (PDF). They're $20 apiece.

I don't have a problem with rebates, but I know that some people hold them in the same regard as AIG bonuses. (Surely, they aren't that bad.)

As for the drive itself, it features USB 2.0 and eSATA interfaces, Mac and Windows compatibility, and a two-year warranty. Fantom bundles no backup software to speak of, but there are plenty of great freeware backup utilities out there.

And what puts the "green" in GreenDrive? "The latest advances in power-saving technology and ROHS (Restriction of Hazardous Substances Directive)-compliant materials and process." OK, then.

CNET hasn't reviewed the drive, but several dozen OnSale buyers rated it an average of 4.5 stars out of 5. If you don't mind waiting a couple months on those 40 rebate dollars, this is the best deal yet on a 1TB external hard drive. Act fast!