It is very interesting to read everyone opinion here. I now understand the reason why pellets are more expensive than wood as fuel. I'll provide a quick rundown...
1 cord hardwood = $170 avg = 25 MBTU (well seasoned)
1 ton pellets = $265 = 16 MBTU
with 100% effeciency stove, very unlikely, the difference in MBTU is about $10
cost / MBTU for wood (100% eff insert) = $6.8
cost / MBTU for pellets (100% eff insert) = $16.6
with 70% effeciency (hoping on an avg the stove effeciency of both wood and pellets are the same), the avg difference is $14
cost / MBTU for wood (70% eff insert) = $9.7
cost / MBTU for pellets (70% eff insert) = $23.7
So, as the effeciency of the stove decreases, the cost difference increases. In addition, pellet stoves require power supply to run the augur that drops the pellets. If I assume i need 100 MBTUs to heat my home during the winter, wood costs $970 and pellets costs $2370 and that clearly explains the online calculator's calculation. With the cost difference around $1400 + $400 (diff in cost between Regency I2400 installed & Breckwell pellet insert installed) = $1800 - I'm favorable considering a wood insert, most likely a Regency I2400.
Though, I can't spare too much time for harvesting wood, I think at least I will find time to stack them up after ordering it delivered. I don't mind carrying the wood home everyday during the winter from my backyard - at least that would keep me in my toes during the lazy winter months.
Now, my mind battles whether the $700 more for a Regency I2400 over a Osburn 1100 is worth it?... I like the fact that Regency I2400 has a cook surface to warm food... I like it... the more time I spend on this forum, my wife is getting impatient with me
Assumptions here - 25 MBTU for well seasoned hardwood and 16 MBTU for a ton of pellets.