Watts, kilowatts and kilowatt-hours
Watts measure how much power a device draws at a moment. Your bill charges for energy, in kilowatt-hours (kWh): 1 kWh is 1,000 watts used for one hour. So the cost depends on both the wattage and how long the device runs.
Appliances with a thermostat or a compressor, like refrigerators, freezers, heaters and air conditioners, switch on and off, so their average draw is lower than the rating on the label. For those, the yearly kWh on the yellow EnergyGuide label is the most useful number.
How to measure the real wattage
A plug-in electricity usage monitor (about $20 to $40) shows the actual watts and kWh of anything that plugs into a 120 V outlet. Leave it connected for a day or a week to see the real use of a fridge or a dehumidifier.
