You are correct. Innumeracy raises its ugly head again.
Powering a 3.5" disk drive costs about $4/year.
Remember the rule of thumb: Each watt that you run all year long costs you $1/year in electricity.
(Also, Backblaze drives probably spend most of their time spun down and thus use nearly no electricity.)
EOM
Some data:
Model WD20EARS[1] WD10TPVT
Size 3.5" 2.5"
Cap 2TB 1TB
R/W 5W 2.5W
Idle 3.4W 0.85W
Standby 0.7W 0.25W
Cost $83 $118
So, figure the drives are mostly idle, but spinning, you would be $4/year for the 3.5" and $1/year for the 2.5", but you might need twice as many of the 2.5" drives to get the storage if you really need 2TB, but if you don't, then it will be 10 years to recover the savings on electric, but that is your own fault for not figuring out how to spin down your drives, and not understanding opportunity cost, you can invest that $30 you saved and make $1.5/year forever, even after your drives detect the end of their warranty and fail in 3 years.
[1] Don't buy this drive. Something went horribly wrong in WD QC land. 1/3 of these that I bought failed their S.M.A.R.T. conveyance tests right out of the box and more failed in the first few months. The reviews at NewEgg suggest this is not an isolated experience. But, they are the ones I'm saddled with and know their data. Mine live out their lives happily spun down but for a few minutes a day and are closely monitored and mirrored, so their admittedly high risk of failure is acceptable.