Start with the best number you can find
For a simple device such as a lamp, TV, computer, or space heater, running watts are usually enough. Enter the wattage, how many hours you use it per day, and your total electricity rate.
For appliances with an EnergyGuide label, annual kWh is often a better starting point than nameplate watts. Refrigerators, freezers, dishwashers, and washers are tested as whole appliances, so the annual kWh estimate already accounts for typical cycling and usage patterns.
For plug-in appliances that cycle on and off, a meter reading is best. A plug-in electricity monitor can record actual kWh over a normal day or week, which is more useful than guessing how often the compressor, heater, or motor is running.
Then multiply kWh by your electricity rate. Example: 500 watts for 4 hours is 2 kWh. At 18.8 cents per kWh, that costs about $0.38 per day.