Richmond 10E40-HP120MS Running Cost (Electric Water Heater)
Richmond 10E40-HP120MS: running cost
The Richmond 10E40-HP120MS is certified by ENERGY STAR at 780 kWh a year, one of the cheaper models in its category to run among electric water heaters currently certified.
That $147 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 29.4% less, ranking 16 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 $61/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 10E40-HP120MS: Richmond 10E40-HP120M ($147/yr, 780 kWh/yr), then Ruud PROUH40 T0 RU120-M ($147/yr, 780 kWh/yr).
Same brand, different models
Ranked 3 of Richmond's 28 certified electric water heaters, this sits between the 10CE40-HP5U15 ($121/yr, the brand's cheapest) and the 10E80-HP120MS ($264/yr, its priciest).
Cost over its typical lifespan
Over the 11-year service life NAHB reports for this category, running the Richmond 10E40-HP120MS costs roughly $1,613 in electricity, separate from the purchase price.
Weighing a replacement
Efficient as certified electric water heaters go, $147/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 10E40-HP120MS 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
Nothing here is estimated from a nameplate wattage; the 780 kWh/yr is ENERGY STAR's own certified figure for this model. Ranked 16 of 596, the Richmond 10E40-HP120MS sits in the middle of the electric water heater category, see the guide to why your state changes this number for the other half of the math.