2nd Stove? What would you do?

[Realtor]

I installed a Regency GCi60 last year and it did a great job of heating the house. The house is not very well insulated and has lots of windows so it costs a lot to heat. Needless to say my oil bill is way down! I figure the payback on my Regency will be only about 2 years. I still use oil for my hot water and to heat the lower level of my house. I reduced my oil consumption further by adding a Superstor Ultra which seems to help cut down on the cost of hot water.
My house is on 3 levels and the Regency is located on the main (2nd) level. It does a fine job of heating that floor and the floor above. As I mentioned I'm still using oil on the lower level and I'm guessing I burn somewhere around 1.5 to 2 gallons a day, during the coldest times, to keep that area warm.
I've been contemplating a small pellet stove for that space. I do have a fireplace down there so I could use either an insert or freestanding in front of the fireplace. So I'm trying to figure out how to do this in a sensible way. Obviously If I buy a $4000 stove it will probably take 8 years to pay for itself. I've been thinking about either a cheap, non name brand stove or possibly a used stove but even the used stoves are fairly expensive. Any thoughts?

eta the lower level is probably about 1100 square feet and somewhat open.

 

[TonyVideo]

Is the lower level insulated or exposed blocks?

 

[Realtor]

Insulated but there is a lot of glass.

 

[stayfitz]

Best bang for the buck - IMO - QuadraFire CB1200i (if insert), or Heatilator EcoChoice CAB50 (if free standing). However, there are many other options available with various pros and cons

 

[Realtor]

I would love the 1200i but does it make sense to spend $3k plus liner etc to save $100 a month?

 

[SKOAL MAN]

Spend the money on making your home more efficient instead of destroying the planet for my children's sake!

 

[SwineFlue]

I would love the 1200i but does it make sense to spend $3k plus liner etc to save $100 a month?

Take a look at the refurb Englander stoves at: (broken link removed to http://www.amfmenergy.com/)

 

[DneprDave]

Spend the money on making your home more efficient instead of destroying the planet for my children's sake!

 

[Realtor]

Update: I picked up a second hand Enviro Empress on Craigslist. At $1000 I probably paid too much but it looks to be in good condition and is about 6 years old. My goal is to get it installed in the next couple of weeks. If I can get at least 4 or 5 years out of it I'll be happy.