Fan speed vs Electricity Bill
Do increasing Fan speed really increases Electricity bill or Does it really consumes power?
The answer is Yes, but not too much, a very small amount.
Simply, power consumption is defined as current times voltage. Keeping fixed supply to any home or office (220-240 V ideally and fixing 220V for experimental purpose) and monitoring the unit of current with clamp meter, the observations are below.
Fan speed 1- 0.205A
1 hour: 0.205A* 220V = 45.1W
12 hour: 45.1W*12 = 541.2 W
The same 12 hours run for 30days(1 month) = 16.23 units
Fan speed 2- 0.240A
1 hour: 0.240A* 220V = 52.8W
12 hour: 52.8W * 12 = 633.6 W
The same 12 hours run for 30days(1 month) = 18.99 units
Fan speed 3- 0.272A
1 hour: 0.272A*220V = 59.84W
12 hour: 59.84W * 12 = 718.08W
The same 12 hours run for 30days(1 month) = 21.54 units
Note: 1 Kw/1000 w= 1 unit
Please remember to surround the clamp meter only with phase line, and exclude the neutral line. If by mistake included both, the clamp meter shows zero reading.
The diff in units between each fan speed is more or less than 3 units.
So roughly, running at speed 3 versus to the lowest speed 1, it will vary from 10-15 rupees (Tamil Nadu tariff).
Inclusive of Tamil Nadu, in any country or state, the amount charged for 3-5 units would be very minimal.
Hence, Justified :)

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