How to Calculate the Cost of Energy? Calculator & Examples
Energy Cost Calculator
The following calculator can be used to calculate the electric energy cost on a daily, monthly and annual basis. To do this, we must know the unit price of energy and the consumed energy in kWh.
Calculation of Cost of Electrical Energy
The energy cost per hour is equal to the energy consumption in kWh per day times the cost of unit price.
Energy Cost per Hour = Power Usage in kWh x Cost of 1 Unit Electricity … (1 Unit = 1 kWh)
Energy Cost = Used Energy in Watts x Time in Hours
To find the cost of electrical energy usage, we must know the energy consumption in kWh and the unit price of energy from the electric supply provider.
- Energy Consumption per Day = Consumed Energy in kW x Time in Hours
- Energy Cost Per Hour = Energy Consumed in kWh x Unit Price per kWh
Typical Power Consumption of Home Appliances in Watts
The following table shows the wattage rating of different home appliances and equipment.
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Daily Cost of Energy
Energy Cost per KWh (Daily) = Power Usage (Watts) x Time (Hours)
Example: An 120 watts television “TV” used for 5 hours daily. Find The daily cost of energy if the unit price of energy is 50 cents.
- Daily power usage in Wh = 120W x 5 Hours = 600 Wh / day
- Daily power usage in kWh = 600 Wh /1000 = 0.6 kWh / day
- Daily cost of energy = 0.6 kWh x $0.50 cents = $ 0.3.
Monthly Energy Consumption
Power Consumption (Monthly) = Power Usage (Watts) x Time (Hours) x 30 (Days)
Example: A 2000 watts (2kW) water heater operates for 6 hours on a daily basis. Find the monthly charges of electricity if the unit price is 9 cents.
- Monthly power usage in Wh = 2000W x 6 Hours x 30 days= 360000 Wh / month
- Monthly power usage in kWh = 6000 Wh /1000 = 360 kWh / day
- monthly cost of energy = 360 kWh x $0.9 cents = $ 324.
Annual Energy Consumption
Power Consumption (Annual) = Power Usage (Watts) x Time (Hours) x 365 (Days)
Example: A 3000 Watts clothes dryer machine runs for 2 hours daily. Calculate the energy cost on an annual basis if the unit price of energy cost is 15 cents.
- Annual power usage in Wh = 3000W x 2 Hours x 365 days= 2190000 Wh / year
- Annual power usage in kWh = 620500 Wh /1000 = 2190 kWh / year
- Annual cost of energy = 2190 kWh x $0.15 cents = $ 328.5.
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