P=IV
V=IR
where P = power (watts)
I = current (amps)
V = voltage (volts)
R = resistance (Ohms)
From those two equations, you can derive this ratio:
P'/P = V'²/V²
where P' is your new power, and V' is your new voltage, and P is the old power and V is the old voltage.
Further, if your new voltage is 1/2 the old voltage (120V versus 240V), then your new power is 1/4 the old power. So if you're running a 240V element at 120V, divide its rated power (watts) by 4!
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