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You'll need two pieces of information from your bill; the amount due for the current
month and the number of kWh (kilowatt hours) used. You can find the kWh usage in the
meter reading section of your bill.

The amount of electricity used by a space heater is measured in watts and expressed
on your utility bill as kilowatt hours (kWh). Technically speaking, kilowatt hours is the
product of power in kilowatts (1000 watts) and time in hours - not kilowatts per hour.
But for the purposes of this explanation, kilowatts per hour is sufficiently accurate.  

Now that you have your monthly bill and the kWh usage at your fingertips, the first thing
you need to do is figure out how much you pay per kWh.

The easiest way to do this is divide your total current monthly bill by kWh usage.
Although the total monthly bill includes a customer service charge and a host of other
charges in addition to the actual cost per kWh, we're trying to determine the
true cost
to run a space heater
.

However, feel free to break out the numbers any way you like and plug them into the
formula.

Cost per kWh = monthly bill ÷ kilowatt usage

For example: I typically pay around $60 a month for 438 kWh of electricity. When you
divide $60 by 438 you get a cost of
$0.137 per kWh.

Not coincidentally, the amount you pay per kWh is what you would pay to run a 1,000
watt space heater for one hour.

Now, to figure out how much you pay per hour for a 1,500 watt space heater, use this
formula:

space heater watts x .001 x cents per kWh = cost to run per hour

For a 1,500 watt space heater based on a rate of $0.137/kWh it would look like this:
1,500 x .001 x .137 = .205, or 21 cents per hour rounded up.

So if I run my 1,500 watt space heater at
full power every day for 6 hours, it will cost
$38 a month:
$0.21 x 6 hrs x 30 days = $37.80.

Or, if you were running a small room heater like the 800 watt
Optimus 5210 infrared
heater the cost per hour would be:
800 x .001 x .137 = .109, or 11 cents per hour.

The
monthly cost to run this space heater based on the estimated usage in the
example above would work out like this:
$0.11 x 6 hrs x 30 days = $13.07
How Much Does It Cost To Run A 1,500 Watt Space Heater?
Most electric space heaters and
electric fireplaces are rated at 1,500
watts. This would be the "high"
setting on the heater.

However, most space heaters also
have a "low" setting or a thermostat,
so for the sake of simplicity we'll
assume the space heater in this
example is operating continuously at
the full power setting at 1,500 watts.

Also, energy costs vary from region to
region. If you want to know how
much electricity a space heater uses,
you'll need a recent electric bill to
work along with the example.