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GreyianStorm said:

If I'm paying 20c per KWh with the above PS3, does that mean I'd be paying 5c (250W/1KWh) per hour?

You can see it already from the units that that's true

(250 * watts * 20 * cents ) / (1000 * watts * hour ) = (5 * cents ) / hour

Treat units as another thing to be multiplied and cancelled, it works out cleanly.