I currently have a hobbyist mining rig consisting of a 5850 and 7970. My electricity cost is around $0.11 in the summer so it's about the same as your rates. You can definitely still make a good profit after electricity costs.
My suggestion is to undervolt the card, which can bring power consumption down to 150, and even 70 if you underclock the memory and core.
I wouldn't go with the Asus or the HIS though, the Sapphire is the best IMO.
http://www.newegg.com/Product/Product.aspx?Item=N82E16814102982
Any links to undervolting vs performance? I have everything overclocked cause stock clocks take a huge hit. Under volting would be an extra tweak on top of overclocking?