1) electricity cost: if you pay >$0.20/kWh you will be underclocking a few weeks sooner than those paying <$0.15/kWh
2) temerature and electrical capacity: if your place is getting too hot it may make sense to undervolt a little bit to reduce the power used and thus temperatures
3) your short-term and long-term views of USD/BTC. If you expect us to sit around $400-600/BTC for the next 6+ months then you will underclock sooner (at a loss of hashrate) than those who expect it to go to $1000 or higher and thus justify the higher power costs to produce the maximum BTC possible
1) is true
2) is true-------------I can do 2000 summer watts and manage the cooling. I can do 4000 winter watts.
3) really complex difficult to agree or disagree. a lot of factors to take into account .
My numbers used will vary from miner to miner but the side by side comparison technique of bitcoin wisdoms calculator will help you ballpark.