When I moved into my current house there was a wood stove, a pellet stove and electric furnace. I tested each one to see how well it would heat the house and what the cost was.

Depending on the temperature I would burn 1-2 bags of pellets per day, when I looked at the electricity to do the same thing it was less money or about even. I don't pay for wood, so it started out with an advantage, but you do need to include the cost of cutting and the sore back from splitting.

I looked at a heat pump too, but what I found was the fastest payback, lowest up front cost and easiest thing to do was add insulation and weather stripping (did the windows the year before). There is also a tax break on adding insulation, so it worked out well.

The insulation does double duty by keeping you warm in the winter and cool in the summer, plus the house is quieter and its a one time cost that requires no maintenance.

After adding the insulation I use the electric furnace much more because the wood stove puts out too much heat if I use good seasoned dry wood unless its below freezing.

The pellet stove is sitting in the shop with stuff stacked on it, its free for the taking.

When I first moved in I needed to run the two stoves to keep the house warm and then the heat was spotty, or use the electric heat which would run almost all the time to keep us warm.

Now the electric heat doesn't run until the temps drop into the mid 50s, and then only for a short time in the morning. I don't use the wood stove until its in the 30s, if it climbs to the 40's during the day the wood stove is too much.