I was trying to calculate fish electricity costs some years ago so found some interesting research about the heaters in 5 tanks:
Over two weeks I randomly walked by the tanks and checked off on a piece of paper if the heater was on or off. I tried to do it randomly, not every 10 minutes in case a heater was running say, an 8 min. off, 2 min. on cycle. I did this about a 100 times over many days but it took less time than sitting watching a tank for two hours. The chart below shows my results at 6 cents per kilowatt hour.
180 gal. – 250 W heater = 1.4 W/gal. On 31.4% Cost per month is $3.43
90 gal. – 250 W heater = 2.8 W/gal. On 35.6% Cost per month is $3.90
45 gal. – 200 W heater = 4.4 W/gal. On 20.3% Cost per month is $1.78
33 gal. – 150 W heater = 4.5 W/gal. On 36.4% Cost per month is $2.39
23 gal. – 50 W heater = 2.2 W/gal. On 100% Cost per month is $2.19
All heaters were set for 77-78 F and room temperature in all rooms was 70-71 F so we are looking at 7 degrees heating (about 4 degrees C) above room temperature. All heaters but one were Ebo-Jagers (the other a Visi-Therm). All were installed in the upright position.
What amazed me was how efficient large tanks are at conserving heat. The watts/gallon figures are not used in calculating dollar costs but make for interesting comparisons. You would think that the more watts per gallon you have, the less the heater would be on. Surprisingly, that is not always the case. I was worried about heating a 180 gallon tank with a 250 W heater (would it be enough heat output?) but it is on less often than the same size and brand heater on my 90 gallon. I surmise that this is due to the larger volume of water retaining heat better and the fact that the glass is thicker. Also my 180 gallon was my only tank with foam insulation underneath so maybe that makes a difference. Other factors that could affect your heating are: the location of the tank (by a window, wall, open door), the type water movement in the tank, location of heat vents in the home, and the type and amount of covering for the tank. [so tell the spouse you need a bigger tank and it won’t cost any more to run it!!! (At least the electricity part)].
So for the OP, I'd say one 300W heater should be plenty. Why risk a 500W getting stuck in the ON position? It will just fry the fish quicker.