We measured the power consumption of our entire test system at the wall while loading the CPU using Prime95. We recorded results with the system at reference clock speeds and when overclocked to 4.7 GHz.
The power consumption of the i7-3770K was far lower than that of the i7-2700K which will certainly be favourable for your electricity bill. This is the main benefit of the die shrink to 22nm from Sandy to Ivy Bridge.