Richmond 10E65-HP120M Running Cost (Electric Water Heater)
Richmond 10E65-HP120M: running cost
At 971 kWh/yr, the Richmond 10E65-HP120M's ENERGY STAR certification puts it cheaper than most models in its category to run against every other certified electric water heater.
That $183 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 12.1% less, ranking 266 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 $25/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 10E65-HP120M: Rheem XE65T10HMS00U0 ($183/yr, 971 kWh/yr), then Richmond 10E65-HP120MS ($183/yr, 971 kWh/yr).
Same brand, different models
Ranked 15 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).
Richmond 10E65-HP120M over 11 years
Over the 11-year service life NAHB reports for this category, running the Richmond 10E65-HP120M costs roughly $2,008 in electricity, separate from the purchase price.
Weighing a replacement
Efficient as certified electric water heaters go, $183/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
The Richmond 10E65-HP120M already costs $183/year to run; a repair bill on top of that is the kind of expense a protection plan exists to smooth out.
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. Ranked 266 of 596, the Richmond 10E65-HP120M 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.