If it is someone in purchasing, it is higher than them. If you bill someone at an executive level it is equal to them (and they will think of this as below them), if you bill an engineer they will think it is higher than them.
Now, I'd argue that is a fair rate if you are that much more productive than the average developer, but it instantly makes people offended.
I still like the idea of billing by the hour though.
If you quote the overall price, and the project takes more time, it's not much of a problem for them; they won't end up paying any more than they would have otherwise.
Provide a top-line project cost number as an estimate, and then add an "additional time can be added to this project as needed at a rate of $XXX per day" clause.
The question of who assumes project risk is orthogonal to the question of how you choose to break out project cost.
Do you ask Apple how much it cost them to make that iPhone? No!
[1] If the requirements change, then of course, my price will change (most likely increase).
In addition to that, the large-scale body shops serving the enterprise market, the ones we all know about that darken the skies with individually-billed people and squeeze as many hours as they can without the impression of efficiency, have left such a bad taste in the mouths of many people who no longer work in enterprise that you invariably have to fight against it every time you sell your services.
But if you hand them a quote for 1750, even with the 10 hour estimate baked in for their mental math to operate on (but especially if it's not, and once you quote an aggregate price itemising the time apart from overall delivery time frames for the most part ceases to be necessary), some switch flips in their brain. I cannot say what it is, or why -- it just does. Somehow, the combination of shifting the risk for overages onto you and the more opaque number causes them to start evaluating the overall sum more in terms of business value and less in terms of whether anyone should be making "that kind of money." It's really odd, but it has been overwhelmingly the norm in my line of consulting trade.