The pellet stove uses electric yes? If so, then how much have you seen your electric go up? Pellet stoves are interesting. At this time, I use wood in a soapstone. Soapstone retains the heat. So that when burning wood, the stone continues to heat even after the source has gone out.
I hardly noticed a difference in the electric bill. The cost was actually very small because don't forget your furnace/boiler also runs on electricity so the amount that it's not running offsets the amount that the pellet stove is running.
DH is an HVAC tech and although we get our oil at cost we were still paying over $3 a gallon when the street prices were in the $4 range so we bought the pellet stove. We saved a ton of money and the house was much warmer 74 in the main living area and 68 in the bedrooms. We shut the stove off during the day when we weren't home and left the thermostat set at 60 surprisingly it was only in the very coldest months that the heat actually ran - we used less than 100 gallons of oil last year.
DH says there are a couple of things that you can do to save money:
First and foremost get a 7 day digital programable thermostat. Decide what temperature you are most comfortable. Set it to that temperature for the days you are home from work. Then set it to go down a minimum of 5 degrees - 10 degrees if you can tolerate it - 1/2 hour before you go to bed, go back up that same variance half hour before you get up, For days you are at work set it to go back down right before you leave for work and back up again half hour before you get home; that way the house is warm when you are there and active so you're not tempted to turn the temperature up.
Second, if you have a boiler or furnace or whatever, make sure to have the routine maintenance (cleaning) done annually. This will make sure that the heater is running at it's optimum level.
Third, check your insulation. An extra layer in the attic or under the house is not that expensive and can save you a ton of money.
Fourth, now this one may seem a little strange, but clear out your clutter. You have to pay to heat not just the air, but the furnishings and rugs and yes, your
stuff. If a lot of it is just clutter you are paying more to heat your house so here is a really really good reason to clear off those shelves.
Fifth, make sure to keep those closet and cabinet doors closed. Closet areas are not factored into the heat calculations when your furnace/boiler is installed and can strain the heater and costs lots of extra money to heat (see above about clutter). Really, your clothes won't mind.
Other things we do to conserve on our heat bills - we don't turn the heat on until the temperature in the house dips below 60 during the day with all the windows closed. Temperatures at night must be down around 50.
Consider investing in good blankets - we have washable down blankets (not comforters) in the bedrooms (about $60ea) so we are toasty warm even when the temp in the bedroom is below sixty.