What the Richmond 10CE40-HP5U15 costs to run
At 643 kWh/yr, the Richmond 10CE40-HP5U15's ENERGY STAR certification puts it one of the cheaper models in its category to run against every other certified electric water heater.
That $121 is priced at 18.8¢/kWh, the average of all 51 state rates this site tracks. Your own state's rate is one click away.
Efficient, or not, for a electric water heater
Against the category average of 1,105 kWh/yr, this model uses 41.8% less, ranking 1 of 596 electric water heaters tracked here for running cost. That average is drawn from all 596 electric water heaters ENERGY STAR currently certifies, not an outside number, a $87/year gap from this model at the national rate. Full sourcing is in the sourcing notes.
Right next to it on the list
A rank or two either side of the Richmond 10CE40-HP5U15: Ruud PROUH40 T2 CD400-15 ($121/yr, 643 kWh/yr).
Same brand, different models
Of the 28 ENERGY STAR certified electric water heaters Richmond makes, the 10CE40-HP5U15 is the cheapest to run, $143/year less than Richmond's priciest, the 10E80-HP120MS.
Richmond 10CE40-HP5U15 over 11 years
Over the 11-year service life NAHB reports for this category, running the Richmond 10CE40-HP5U15 costs roughly $1,330 in electricity, separate from the purchase price.
Is it worth replacing?
Efficient as certified electric water heaters go, $121/year is a reasonable baseline if you're comparing what else is on the market.
Compare current ENERGY STAR certified electric water heaters before buying.
If you're keeping it
A electric water heater like the Richmond 10CE40-HP5U15 is a real household expense whether or not it needs replacing yet; a protection plan is one way to budget for a repair rather than a full replacement.
Where this number comes from
Two sourced numbers, nothing modeled: ENERGY STAR's certified kWh/yr for this exact model, and EIA's published state electricity rate. The Richmond 10CE40-HP5U15 is among the cheapest 596 electric water heaters tracked here to run, see the full Electric Water Heater category page for the rest of the range.