How much electricity do standby/supposedly off applications actually use? (insulation, light)
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Best way to find out is to measure it for yourself
Spend the $20 or so to get yourself a kill-a-watt® type meter, measure it for yourself. Most of these meters can be plugged inline with a device and give near-instant reading of stand by wattage, or you can leave it running for a day or longer to get an idea of the average power consumption.
While there are some exceptions (cable box, DVR, etc, certain really old devices), for the most part vampire power is overhyped.
Vampire loads are only part of the negatives. Almost all of these devices have the potential (under the right circumstances) to start a fire. Many have no need to be on, other than the maker was too cheap to add an on/off switch. Control boards fail. Transformers can short and overheat. Wire can corrode and insulation crack. ANYTHING with a lithium battery and a charger is suspect.
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