It is running 24/7; I don't feel comfortable powering it down regularly; that is something I would worry about from the OP's setup, I wouldn't want to subject all those mechanical drives to so many power cycles over time. I don't have figures for only that machine, but my entire rack, which includes a router machine, two ISP modems, the ZFS-running machine and two SAS expanders, averages around 330 watts.
After setting it up, I wouldn't say that it requires any time to manage. Getting it all set up just right, with SMART alerts and capacity warnings and backups and snapshots, all of which I roll myself with various shell scripts, took a long time. Besides that initial investment, the only "management" I have to do is respond to any SMART alerts, add more vdevs as the pool fills up, and manage my files as I would on any other filesystem.
I use the space for just about everything. Lots of backups. I use the local storage on all of my workstations as sort of "scratch" space and anything that matters in the long term is stored on the server. The highest density stuff is, of course, media: I have high definition video and photographs from my digital SLRs, I have tons of DV video obtained as part of an analog video digitization workflow, media rips, and downloaded videos. (I even have a couple of terabytes used up by a youtube-dl script that downloads all of my channel subscriptions for offline viewing, and that's something I doubt anyone would do unless they had so many terabytes free.) I keep copies of large datasets that seem important (old Usenet archives, IMDB, full Wikipedia dumps). I keep copies of old software to go with my old hardware collection. I have almost every file I've ever created on any computer in my entire life, with the exception of a handful of Zip and floppy disks that rotted away before I could preserve them, but that is only a few hundred gigabytes. I scan every paper document that I can (my largest format scanner is 12x18 inches, so anything larger than that is waiting for new hardware to arrive someday), so almost all of my mail and legal documents are on there too.
(I had a dream the other night that someone got access to this machine and deleted everything. Worst. Nightmare. Ever.)
A cloud solution would not have met my use case, since one of the primary needs I have is to be self-sufficient in terms of storing my own data, and I also want immediate local access to a lot of the things on there. I do use various cloud solutions, but only for backup, never as primary storage.
Rolling it myself was definitely cheaper than any out-of-the-box hardware solution I've seen. The computer itself is a Supermicro board with some Xeon middle-of-the-range chip and a ton of RAM, and an LSI SAS card. Connected to the SAS card are two 24-bay SAS expander chassis, which contain the drives, which are all SATA.
I'd say that building something like this would cost you maybe about 4000USD, not counting the cost of the drives. The drives were all between $90 and $120 when I bought them, but of course capacity eventually started going up for the same price over time, so let's say another 3500USD for the drives.