diff --git a/CHANGELOG.md b/CHANGELOG.md
index 34bc9ce..65b475a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,10 @@
+## [0.3.0] - 2024-10-27
+
+- Added rate limiting for expensive checks with the `run: "N times per day/hour"` option
+- Added a cache mechanism to store check results and error states, which allows for rate limiting and avoiding redundant runs when checks fail
+- Added automatic cache key expiration
+- Added error handling and feedback for rate-limited checks
+
 ## [0.2.0] - 2024-10-26
 
 - Improved the `allgood` DSL by adding optional conditionals on when individual checks are run
diff --git a/README.md b/README.md
index 9d6157b..4f2b063 100644
--- a/README.md
+++ b/README.md
@@ -182,6 +182,26 @@ check "Complex check",
 end
 ```
 
+### Rate Limiting Expensive Checks
+
+For expensive operations (like testing paid APIs), you can limit how often checks run:
+
+```ruby
+# Run expensive checks a limited number of times
+check "OpenAI is responding with a valid LLM message", run: "2 times per day" do
+  # expensive API call
+end
+
+check "Analytics can be processed", run: "4 times per hour" do
+  # expensive operation
+end
+```
+
+Important notes:
+- Rate limits reset at the start of each period (hour/day)
+- The error state persists between rate-limited runs
+- Rate-limited checks show clear feedback about remaining runs and next reset time
+
 When a check is skipped due to its conditions not being met, it will appear in the healthcheck page with a skip emoji (⏭️) and a clear explanation of why it was skipped.
 
 ![Example dashboard of the Allgood health check page with skipped checks](allgood_skipped.webp)
diff --git a/app/controllers/allgood/healthcheck_controller.rb b/app/controllers/allgood/healthcheck_controller.rb
index 787caae..5a1a622 100644
--- a/app/controllers/allgood/healthcheck_controller.rb
+++ b/app/controllers/allgood/healthcheck_controller.rb
@@ -44,20 +44,62 @@ def run_checks
     end
 
     def run_single_check(check)
+      last_result_key = "allgood:last_result:#{check[:name].parameterize}"
+      last_result = Allgood::CacheStore.instance.read(last_result_key)
+
+      unless Allgood.configuration.should_run_check?(check)
+        message = check[:skip_reason]
+        if last_result
+          status_info = "Last check #{last_result[:success] ? 'passed' : 'failed'} #{time_ago_in_words(last_result[:time])} ago: #{last_result[:message]}"
+          message = "#{message}. #{status_info}"
+        end
+
+        return {
+          name: check[:name],
+          success: last_result ? last_result[:success] : true,
+          skipped: true,
+          message: message,
+          duration: 0
+        }
+      end
+
       start_time = Time.now
       result = { success: false, message: "Check timed out after #{check[:timeout]} seconds" }
+      error_key = "allgood:error:#{check[:name].parameterize}"
 
       begin
         Timeout.timeout(check[:timeout]) do
           check_result = Allgood.configuration.run_check(&check[:block])
           result = { success: check_result[:success], message: check_result[:message] }
+
+          if result[:success]
+            # Clear error state and store successful result
+            Allgood::CacheStore.instance.write(error_key, nil)
+            Allgood::CacheStore.instance.write(last_result_key, {
+              success: true,
+              message: result[:message],
+              time: Time.current
+            })
+          end
+        end
+      rescue Timeout::Error, Allgood::CheckFailedError, StandardError => e
+        error_message = case e
+        when Timeout::Error
+          "Check timed out after #{check[:timeout]} seconds"
+        when Allgood::CheckFailedError
+          e.message
+        else
+          "Error: #{e.message}"
         end
-      rescue Timeout::Error
-        # The result is already set to a timeout message
-      rescue Allgood::CheckFailedError => e
-        result = { success: false, message: e.message }
-      rescue StandardError => e
-        result = { success: false, message: "Error: #{e.message}" }
+
+        # Store error state and failed result
+        Allgood::CacheStore.instance.write(error_key, error_message)
+        Allgood::CacheStore.instance.write(last_result_key, {
+          success: false,
+          message: error_message,
+          time: Time.current
+        })
+        result = { success: false, message: error_message }
       end
 
       {
diff --git a/lib/allgood.rb b/lib/allgood.rb
index f2d61ae..eec13a4 100644
--- a/lib/allgood.rb
+++ b/lib/allgood.rb
@@ -3,6 +3,7 @@
 require_relative "allgood/version"
 require_relative "allgood/engine"
 require_relative "allgood/configuration"
+require_relative "allgood/cache_store"
 
 module Allgood
   class Error < StandardError; end
diff --git a/lib/allgood/cache_store.rb b/lib/allgood/cache_store.rb
new file mode 100644
index 0000000..2980c28
--- /dev/null
+++ b/lib/allgood/cache_store.rb
@@ -0,0 +1,52 @@
+# frozen_string_literal: true
+
+module Allgood
+  class CacheStore
+    def self.instance
+      @instance ||= new
+    end
+
+    def initialize
+      @memory_store = {}
+    end
+
+    def read(key)
+      if rails_cache_available?
+        Rails.cache.read(key)
+      else
+        @memory_store[key]
+      end
+    end
+
+    def write(key, value)
+      if rails_cache_available?
+        expiry = key.include?('day') ? 1.day : 1.hour
+        Rails.cache.write(key, value, expires_in: expiry)
+      else
+        @memory_store[key] = value
+      end
+    end
+
+    def cleanup_old_keys
+      return unless rails_cache_available?
+
+      keys_pattern = "allgood:*"
+      if Rails.cache.respond_to?(:delete_matched)
+        Rails.cache.delete_matched("#{keys_pattern}:*:#{(Time.current - 2.days).strftime('%Y-%m-%d')}*")
+      end
+    rescue StandardError => e
+      Rails.logger.warn "Allgood: Failed to cleanup old cache keys: #{e.message}"
+    end
+
+    private
+
+    def rails_cache_available?
+      Rails.cache && Rails.cache.respond_to?(:read) && Rails.cache.respond_to?(:write) &&
+        Rails.cache.write("allgood_rails_cache_test_ok", "true") &&
+        Rails.cache.read("allgood_rails_cache_test_ok") == "true"
+    rescue StandardError => e
+      Rails.logger.warn "Allgood: Rails.cache not available (#{e.message}), falling back to memory store"
+      false
+    end
+  end
+end
diff --git a/lib/allgood/configuration.rb b/lib/allgood/configuration.rb
index 9b10d6c..db43bfd 100644
--- a/lib/allgood/configuration.rb
+++ b/lib/allgood/configuration.rb
@@ -17,6 +17,18 @@ def check(name, **options, &block)
         status: :pending
       }
 
+      # Handle rate limiting
+      if options[:run]
+        begin
+          check_info[:rate] = parse_run_frequency(options[:run])
+        rescue ArgumentError => e
+          check_info[:status] = :skipped
+          check_info[:skip_reason] = "Invalid run frequency: #{e.message}"
+          @checks << check_info
+          return
+        end
+      end
+
       # Handle environment-specific options
       if options[:only]
         environments = Array(options[:only])
@@ -66,6 +78,97 @@ def check(name, **options, &block)
     def run_check(&block)
       CheckRunner.new.instance_eval(&block)
     end
+
+    def should_run_check?(check)
+      return true unless check[:rate]
+
+      cache_key = "allgood:last_run:#{check[:name].parameterize}"
+      runs_key = "allgood:runs_count:#{check[:name].parameterize}:#{current_period(check[:rate])}"
+      error_key = "allgood:error:#{check[:name].parameterize}"
+      last_result_key = "allgood:last_result:#{check[:name].parameterize}"
+
+      last_run = Allgood::CacheStore.instance.read(cache_key)
+      period_runs = Allgood::CacheStore.instance.read(runs_key).to_i
+      last_result = Allgood::CacheStore.instance.read(last_result_key)
+
+      current_period_key = current_period(check[:rate])
+      stored_period = Allgood::CacheStore.instance.read("allgood:current_period:#{check[:name].parameterize}")
+
+      # If we're in a new period, reset the counter
+      if stored_period != current_period_key
+        period_runs = 0
+        Allgood::CacheStore.instance.write("allgood:current_period:#{check[:name].parameterize}", current_period_key)
+        Allgood::CacheStore.instance.write(runs_key, 0)
+      end
+
+      # If there's an error, wait until next period
+      if previous_error = Allgood::CacheStore.instance.read(error_key)
+        next_period = next_period_start(check[:rate])
+        rate_info = "Rate limited (#{period_runs}/#{check[:rate][:max_runs]} runs this #{check[:rate][:period]})"
+        check[:skip_reason] = "#{rate_info}. Waiting until #{next_period.strftime('%H:%M:%S %Z')} to retry failed check"
+        return false
+      end
+
+      # If we haven't exceeded the max runs for this period
+      if period_runs < check[:rate][:max_runs]
+        Allgood::CacheStore.instance.write(cache_key, Time.current)
+        Allgood::CacheStore.instance.write(runs_key, period_runs + 1)
+        true
+      else
+        next_period = next_period_start(check[:rate])
+        rate_info = "Rate limited (#{period_runs}/#{check[:rate][:max_runs]} runs this #{check[:rate][:period]})"
+        next_run = "Next check at #{next_period.strftime('%H:%M:%S %Z')}"
+        check[:skip_reason] = "#{rate_info}. #{next_run}"
+        false
+      end
+    end
+
+    private
+
+    def parse_run_frequency(frequency)
+      case frequency.to_s.downcase
+      when /(\d+)\s+times?\s+per\s+(day|hour)/i
+        max_runs, period = $1.to_i, $2
+        if max_runs <= 0
+          raise ArgumentError, "Number of runs must be positive"
+        end
+        if max_runs > 1000
+          raise ArgumentError, "Maximum 1000 runs per period allowed"
+        end
+        { max_runs: max_runs, period: period }
+      else
+        raise ArgumentError, "Unsupported frequency format. Use 'N times per day' or 'N times per hour'"
+      end
+    end
+
+    def current_period(rate)
+      case rate[:period]
+      when 'day'
+        Time.current.strftime('%Y-%m-%d')
+      when 'hour'
+        Time.current.strftime('%Y-%m-%d-%H')
+      end
+    end
+
+    def new_period?(last_run, rate)
+      case rate[:period]
+      when 'day'
+        !last_run.to_date.equal?(Time.current.to_date)
+      when 'hour'
+        last_run.strftime('%Y-%m-%d-%H') != Time.current.strftime('%Y-%m-%d-%H')
+      end
+    end
+
+    def next_period_start(rate)
+      case rate[:period]
+      when 'day'
+        Time.current.beginning_of_day + 1.day
+      when 'hour'
+        Time.current.beginning_of_hour + 1.hour
+      else
+        raise ArgumentError, "Unsupported period: #{rate[:period]}"
+      end
+    end
   end
 
   class CheckRunner
diff --git a/lib/allgood/version.rb b/lib/allgood/version.rb
index dbb6c8c..23cffa9 100644
--- a/lib/allgood/version.rb
+++ b/lib/allgood/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 module Allgood
-  VERSION = "0.2.0"
+  VERSION = "0.3.0"
 end