I have to agree with those who say that cloth diapers won't really save money -- unless you're going to save those diapers to re-use on another baby in the future.
Even if you consider your time to be free, all the extra loads of wash (in hot water) aren't cheap. Consider, too, that you'll be washing more loads of regular clothes as well -- I had more leaks with cloth diapers than with disposables.
From a cost-only standpoint, you'll come out ahead (again, for a single child) by searching out the cheapest disposables. When my kids were in diapers, I knew a lady who had a little at-home business selling cases of second-quality diapers. The huge boxes contained a variety of brands, and they had minor problems like the printing being off-centered. A few were missing tapes, so I'd keep a bit of duct tape handy and used those only at night when the diaper was going to be under a onesie or a sleeper. They were cheaper than store-brand diapers or coupon-purchased diapers, and she delivered them right to my front door every couple Fridays. The biggest negative was that I had to buy such a large quantity at once, so I had to make space under the crib for them.
My SIL is currently diapering, and she's part of a diaper loyalty program. By using coupons and getting every 10th case for free, she's coming out pretty cheaply.
The environmental impact is a whole 'nother question, but I'd suggest that you find other ways of "going green": Eliminate bottled water, buy second-hand clothing, use non-disposable feminine supplies, etc. Those things save real money and are much easier to accomplish than cloth diapers.