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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 cost to
run a space heater, not the actual cost per kWh 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: last month I paid $51 for 347 kWh of electricity. When I divide 51 by 347
I get 0.147. So I'm paying almost 15 cents per kWh. Since a kWh is 1000 watts, I can
estimate that I pay 15 cents per 1,000 watts per hour.

Not coincidentally, this amount is identical to what I 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, or any
electrical appliance for that matter, use this formula:

Wattage x .001 x cents per kWh = cost per hour.

For a 1,500 watt space heater it would look like this:
1,500 x .001 x .15 = .225, or 23 cents per hour rounded up.

If I run my 1,500 watt space heater at full power every day for 6 hours, it will cost $41
a month: $0.23 x 6 hrs x 30 days = $41.

As I mentioned earlier, a space heater has multiple heat settings or a thermostat, so
it probably won't run continuously at full power. The result is a potential 10% - 30%
reduction in the cost to run per hour.
How Much Does It Cost To Run A 1,500 Watt Space Heater?
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All 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
full power.

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.
Kill A Watt Electricity Usage Monitor
Kill A Watt Power Monitor
Find out the cost to run
just about any electric
appliance by the day,
week, month, or year.