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Most electric fireplaces draw about 1,500 watts and are generally considered to be low-energy appliances. They add around $20 each month to your utility bill when running 24 hours each day of the week. Save money by exercising caution when you use your new electric fireplace, such as turning it on only when the weather is exceptionally cold or during the holiday season for a festive ambiance.

Refer to the instructions and the manufacturer's recommendations before you leave on an electric fireplace overnight, but it's generally considered acceptable to do so, though this depends on the design and how much heat it creates. When in doubt, turn off the unit before going to bed. Using your electric fireplace more than necessary may involve paying for fireplace repair prices.

No, you don't need to vent an electric fireplace, which is a primary reason why electric fireplaces continue to grow in popularity. They don't create emissions of any kind during use, so there's no need for vents, ducts, or chimneys, eliminating one major frustration with traditional gas, pellet, and wood-burning fireplaces. For comparison, electric fireplaces cost about $1,000 to $4,000, while pellet stoves cost around $1,030 to $3,310.