A couple of points. As with anything else, it's impossible to truly compare apples to apples.
1. Pellet stoves don't work without electricity.
2. Pellet stoves have to be manually fed.
3. Pellet stoves have to be manually cleaned out.
4. Pellet stoves remove warm air from the house thru the stack.
5. Pellet stoves don't (I think) have automatic thermostats that set back at night and warm the house before you get up.
6. If you leave for 3 days your house will be frozen if a pellet stove is your only source of heat.
7. Any point source of heat doesn't get into back rooms very well.
On the other hand,
8. Pellet stoves provide ambiance. I love watching the flames.
9. Pellet stoves provide a "point source" of heat that you can pull your chair up to. I can't do that with a heat pump!
According to some information I received from the local power company there are 36,000,000 Btu/ton in pellets.
Assuming an efficiency of 87% for a pellet stove that works out to 31,320,000 Btu / ton of usable heat.
Using Sundog's $3.25/40 lb bag, that works out to $162.50 per ton (delivered).
So that's 192,738 Btu / per dollar.
At 3,413 Btu / Kw-Hr that works out to 56.5 Kw-Hr / dollar or $0.018 per Kw-Hr, far BELOW the delivered price of electricity even in my area where it's $0.055 per Kw-Hr (quite cheap).
So that seems to be a pretty good deal for the pellets if one doesn't mind feeding the stove at certain intervals.
As an aside, my last electric bill totaled $129.33 for the period 1/9 - 2/8. Ave low temp: 8F, ave high temp: 33. This is total electricity for heating (heat pump) my 1,700 sq foot recently built modular home, the 1,700 sq ft of partially finished basement, hot water heating, electric clothes dryer, well pump, TV, and all incidental electric usage. We have the temp set at 67 from 8:30 am to 10 pm and 60F at night.
Every situation, every house, every climate, every lifestyle is different. What works for one might not work for another.
BTW, if anyone wants a copy of the Excel spreadsheet I have comparing 11 different energy sources, their costs and efficiencies, PM me with your email addr.
Mac