Storage: Each chile variety comes packaged in its own labeled resealable bag, which is the best way to store your chilies. Keep the bags in a cool, dark place like a cupboard.
Shelf Life: Dried chilies will retain their potency & flavor for at least a year, but likely much longer.

Dried chilies can be rehydrated, ground into chile powder, or added dry to soups and stews. With the range of heat levels from mild & fruity to firecracker hot comes a wide range of applications.
How to Rehydrate Dried Chiles
How to Grind Your Own Chile Powder
More Chile Recipes & Techniques