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Electricity Cost Calculator

Created by Mateusz Mucha
Reviewed by Bogna Szyk and Jack Bowater
Last updated: Jan 18, 2024


The electricity cost calculator allows consumers to estimate their annual electricity cost in a straightforward way. After you pay your monthly bills for a while it's normal to ask: how much does electricity cost? By simply entering a few values in this electricity calculator will save yourself time and effort as well as getting a precise answer to the question. It will help you calculate, for example, the money you would save if you switched to LED bulbs. Or maybe, how much it costs to bake a cake? You might also want to check out our electricity cost - single usage calculator or meeting cost calculator.

💡 Did you know that the money you save on electricity today will be worth more in the future? Check it out with our time value of money calculator!

Prefer watching over reading? Learn all you need in 90 seconds with this video we made for you:

How does the electricity cost calculator work?

It's rather simple. If you know the value for power consumption, energy price, and usage time, the calculator will automatically display how much power you consume per day and generate the exact annual price for electricity. You can also change the units at will (for example, change days to months or watts to kilowatts).

To calculate the wattage specifically for your light bulbs, check out our lumens to watts calculator.

How much does electricity cost?

Let's say that our utility bill comes to the following:

  1. power consumption: You consume 1000 watts of electricity
  2. energy price is €0.28/kWh
  3. usage time is 10 hours/day

If we know that, then our electric bill estimator will tell us that we'll consume 10 kWh / day and the annual cost will be €1022.70.

Let's do the math by hand:

  1. power consumption × usage time = power consumed. So we'll consume 10,000 watt hours or 10 kilowatt hours of power every day.
  2. The electricity cost is cost = power consumed × energy price. It's easy: 10 kWh per day × €0.28/kWh = €2.8 per day.
  3. For the annual cost, simply multiply the daily one by the number of days in a year. €2.8 per day × 365.25 days = €1022.70. Same as the electricity cost calculator told us (surprised?).

Now that you know how much electricity costs, you might be interested in saving money with the price per unit calculator!

FAQ

What are the factors affecting electricity costs?

Your electricity costs are affected by:

  1. Power rating of appliances used;
  2. Time duration for which it is used; and
  3. Per unit cost of electricity.

How do I estimate electricity costs?

To estimate electricity costs:

  1. Find out power consumed by multiplying power consumption of devices by usage time.
  2. Multiply the power consumed by energy price to obtain total cost.
  3. Add taxes to the total cost, if any.

How do I reduce my electricity costs?

In order to reduce your electricity costs:

  • Identify power-consuming appliances at home and replace them with lower power rating equipment or power-saving appliances.
  • Ensure that you do not leave unnecessary devices turned on.

What are some major power consuming appliances at home?

Major power-consuming appliances in a common household are heating, ventilation, and air conditioning (HVAC) systems, followed by lighting, TV, and entertainment systems.

Mateusz Mucha
Power consumption
W
Energy price
$ / kWh
Usage time
hours / 
day
Power consumed
kWh / 
day
Cost
$ / 
yr
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