If you run all the drives 24/7 I would guess you are looking at somewhere around 400W assuming a power sipping minipc as the host. This can be extremely optimized if you intelligently spin down disks when idle, probably down to >50W average.
Cost will depend on your electricity contract, but will propbably not be a thing that would stop you if you want to do this.
As far as serious hobbies go, 35% of monthly electric bill is not breaking the bank. How much do people with other hobbies spend monthly on parts for their project cars, race entry fees, gym fees, "high performance" gear, Track fees, etc?
Cost will depend on your electricity contract, but will propbably not be a thing that would stop you if you want to do this.