This paper proposes a method for simple projecting of annual elevator electricity consumption based on short-term energy measurements and identifies challenges in the determination of actual energy consumption based on kWh meter readings. The study also analyzes the impact of the employed elevator technology, building type, and seasonal variations in elevator usage on the calculation of the annual consumption. Thus, the method can be adopted in different regions with varying elevator usage. The approach employs elevator specific daily energy consumptions measured on the prevailing day types. The reliability of the proposed approach was analyzed and the performance compared to actual measured annual consumption and estimates provided by commonly adopted energy efficiency classification schemes, VDI 4707-1:2009 and ISO 25745-2:2015. The results of the monitored office elevator indicated that the proposed method performs generally better than the competing approaches.