How much does it cost to run?
Not sure how much your high-powered machines are costing you? There's a simple way to find out
When you receive your monthly electrical bill do you often find yourself wondering where all of that power is going? With appliances accounting for up to 30% of the energy used in your home, it might be a good idea to check which appliances are the biggest drain on your pocket.
The good news is that this is relatively simple to do. You can work out the cost of running your appliance in a few easy steps.
Once you calculate the running cost, you may be happy to continue to spend that price or you may feel that it's time to upgrade to a more efficient model.
Conversely, if you've already decided to invest in a new appliance, this formula will help you determine the real cost of the product over its lifetime.
So how do you go about it?
Step 1: How often is the appliance used?
A kettle, for example, is used several times per day. For this example, we will assume it is used for a half an hour (0.5) in total.
Step 2: The wattage:
The wattage can be found on the label. In this case we will take an example of a 1500 W kettle.
Step 3: Find the daily energy consumption:
Multiply the wattage by how often the appliance is used and divide by 1,000 to get the kilowatts.
(1,500 W × 0.5 (half an hour)) ÷ 1,000 = 0.75 kWh per day
Step 4: Annual energy consumption:
If you use your kettle everyday multiply by 365.
0.75 kWh × 365 = 273.75 kWh
Step 5: Multiply by your energy utility rate
Multiply 273.75 kWh by your unit rate which you will find on any of your electricity bills. For this example, we assume an electricity rate of 19.2cent/kWh for a unit of electricity.
273.75 × 0.19
The kettle costs €52 a year to run