Richmond 10E40-HP120M Running Cost (Electric Water Heater)
What the Richmond 10E40-HP120M costs to run
ENERGY STAR certifies the Richmond 10E40-HP120M at 780 kWh/yr, one of the cheaper models in its category to run for its category.
The $147 figure above uses the simple average of all 51 published state rates. Pick your state for the real number.
Richmond 10E40-HP120M against the category
That's 29.4% below the electric water heater category average of 1,105 kWh/yr, and ranks 15 of 596 certified electric water heaters for annual running cost, 1 being cheapest. The category average comes from every electric water heater ENERGY STAR currently certifies (596 models), not an outside benchmark, about $61/year below that average at the national rate. See the methodology page.
What sits beside it in the ranking
Richmond 10E40-HP120MS ($147/yr, 780 kWh/yr) costs a little more to run than the Richmond 10E40-HP120M. Rheem XE40T10HMS00U0 ($147/yr, 780 kWh/yr) costs a little less.
Same brand, different models
Richmond makes 28 ENERGY STAR certified electric water heaters; this one ranks 2 of 28 for running cost, between the brand's cheapest, the 10CE40-HP5U15 at $121/yr, and its priciest, the 10E80-HP120MS at $264/yr.
What this adds up to over time
NAHB's Study of Life Expectancy of Home Components puts a typical electric water heater's service life at 11 years; run the Richmond 10E40-HP120M that long and it costs about $1,613 in electricity, on top of whatever it cost to buy.
Shopping for a new one
The Richmond 10E40-HP120M is already efficient for its category at $147/year. If you're shopping and comparing options, this is roughly what a well-chosen new electric water heater costs to run.
Worth comparing a few current certified models before deciding.
Protecting what you have
A electric water heater like the Richmond 10E40-HP120M 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.
Sourcing
Two sourced numbers, nothing modeled: ENERGY STAR's certified kWh/yr for this exact model, and EIA's published state electricity rate. At rank 15 of 596 for running cost, see the electric water heater category page for the rest of the field, or the guide to how much your state matters.