Tankless Water Heater (Electric) in Richmond — $499/yr to Run (15.2¢/kWh)
Your tankless water heater (electric) in Richmond costs about $42/month at 15.2¢/kWh. See daily, monthly, and yearly costs, plus tips to cut your bill.
Richmond, VA Electricity Rate
15.2¢/kWh
Utility: Dominion Energy Virginia
+17% vs national avg
National avg: 13.0¢/kWh
Daily Cost
$1.37
9.0 kWh/day
Monthly Cost
$41.56
274 kWh/mo
Annual Cost
$499
3,285 kWh/yr
Lifetime (20yr)
$9,973
energy only
Monthly Cost Breakdown in Richmond
| Period | kWh | Richmond Cost | National Avg | Difference |
|---|---|---|---|---|
| Daily | 9.0 | $1.37 | $1.17 | +$0.20 |
| Weekly | 63.0 | $9.56 | $8.19 | +$1.37 |
| Monthly | 273.8 | $41.56 | $35.59 | +$5.97 |
| Quarterly | 821.3 | $124.67 | $106.76 | +$17.90 |
| Annual | 3285.0 | $498.66 | $427.05 | +$71.61 |
Customize Your Tankless Water Heater (Electric) Cost
Adjust usage hours and electricity rate to calculate your exact cost in Richmond.
Daily
$1.37
Monthly
$41.56
Annual
$499
20-Year
$9,973
Energy Saving Tips for Tankless Water Heater (Electric) in Richmond
- ✓Richmond electricity rates are 17% above the national average — energy efficiency matters more here.
- ✓An ENERGY STAR Tankless Water Heater (Electric) in Richmond saves ~$100/year compared to standard models.
- ✓A smart Tankless Water Heater (Electric) with scheduling optimization can save ~$75/year at Richmond rates.
- ✓Provides hot water on demand with no standby loss
- ✓Flush annually to remove scale
- ✓Requires dedicated electrical circuit
ENERGY STAR Savings: Upgrading to an ENERGY STAR Tankless Water Heater (Electric) in Richmond saves approximately $100/year at local rates — $1,995 over the appliance lifetime.
Highest-Cost Appliances in Richmond, VA
See which appliances cost the most to run at Richmond's 15.2¢/kWh electricity rate.
Level 2 EV Charger (240V)
Transportation · 7,200W
$1,967/yr
$163.94/mo
Electric Furnace
HVAC · 10,000W
$1,366/yr
$113.85/mo
Electric Tankless Water Heater
Water Heating · 18,000W
$997/yr
$83.11/mo
EV Charger (Level 2)
Garage · 7,200W
$984/yr
$81.97/mo
Boiler (Electric)
HVAC · 6,000W
$820/yr
$68.31/mo
Electric Water Heater (Tank)
Water Heating · 4,500W
$748/yr
$62.33/mo
Water Heater (Tank Electric)
Water Heating · 4,500W
$748/yr
$62.33/mo
Heat Pump
HVAC · 2,400W
$583/yr
$48.58/mo
Tankless Water Heater (Electric) Cost in Other Virginia Cities
| City | Rate | Annual Cost | vs Richmond |
|---|---|---|---|
| Richmond (current) | 15.2¢ | $499 | — |
| Virginia Beach | 15.2¢ | $499 | — |
| Chesapeake | 13.1¢ | $431 | $-68 |
| Arlington | 13.7¢ | $451 | $-48 |
| Norfolk | 13.6¢ | $446 | $-53 |
| Newport News | 14.0¢ | $461 | $-38 |
| Alexandria | 12.8¢ | $420 | $-78 |
| Hampton | 13.7¢ | $451 | $-47 |
| Roanoke | 13.6¢ | $448 | $-51 |
Tankless Water Heater (Electric) Energy Cost FAQ — Richmond, VA
Understanding Tankless Water Heater (Electric) Energy Costs in Richmond, VA
Richmond is a mid-sized Virginia city where residential electricity rates from Dominion Energy Virginia are shaped by regional energy supply and local demand patterns. Running a high-draw appliance like the Tankless Water Heater (Electric) (18,000W) at Richmond's rate of 15.2¢/kWh costs approximately $499 per year — $72 more than the national average of $427.
Richmond rates are 17% above the national average — a modest premium that adds $72 per year to Tankless Water Heater (Electric) operating costs. Over the appliance's 20-year lifespan, that's $1,432 in cumulative extra spending versus the national average.
With a cost of living index of 108, Richmond is near the national median. The Tankless Water Heater (Electric)'s monthly cost of $41.56 represents a typical share of the average Richmond electric bill of $146/month. Upgrading to an ENERGY STAR Tankless Water Heater (Electric) can cut energy use by up to 20%, saving approximately $100 per year at Richmond rates.
Richmond's moderate climate (avg 67.9°F) helps keep seasonal energy cost swings manageable for most appliances. A Tankless Water Heater (Electric) produces approximately 2.35 tons of CO2 annually at typical usage. Richmond residents can reduce this footprint by choosing an ENERGY STAR certified unit, optimizing usage patterns, or investing in solar — see our solar savings calculator for Richmond.
Compare All Energy Costs in Richmond
See energy costs for 178+ household appliances at Richmond's local electricity rate.
Frequently Asked Questions
How much does it cost to run a Tankless Water Heater (Electric) in Richmond, VA?
At Richmond's average electricity rate of 15.2¢/kWh, a Tankless Water Heater (Electric) costs approximately $499 per year to run. That's about $41.56 per month with typical usage of 0.5 hours per day.
What is the electricity rate in Richmond, VA?
The average residential electricity rate in Richmond, VA is 15.2¢/kWh, which is 17% above the national average of 13.0¢/kWh. The primary utility provider is Dominion Energy Virginia.
How much electricity does a Tankless Water Heater (Electric) use per year?
A Tankless Water Heater (Electric) uses approximately 18,000 watts and consumes about 3,285 kWh per year with typical usage of 0.5 hours/day for 365 days/year.
Is a Tankless Water Heater (Electric) expensive to run in Richmond?
Compared to the national average cost of $427/year, running a Tankless Water Heater (Electric) in Richmond costs $72 more per year due to higher local electricity rates.
How can I reduce my Tankless Water Heater (Electric) energy cost in Richmond?
To reduce Tankless Water Heater (Electric) costs in Richmond: Provides hot water on demand with no standby loss. Flush annually to remove scale. Upgrading to an ENERGY STAR model saves up to 20% on energy costs. Also check with Dominion Energy Virginia for local energy efficiency rebates and programs.