An energy-consistent lumped-element equivalent circuit model for charged circular capacitive micromachined ultrasonic transducer (CMUT) cell is derived and presented. It is analytically shown and experimentally verified that a series dc voltage source at the electrical terminals is sufficient to model the charging in CMUT. A model-based method for determining this potential from impedance measurements at low bias voltages is presented. The model is validated experimentally using an airborne CMUT, which resonates at 103 kHz. Impedance measurements, reception measurements at resonance and off-resonance, and the transient response of the CMUT are compared with the model predictions.