Traditional cast iron or steel wood stoves require no electricity or other services to operate but need to be loaded, lit and stoked by hand. Many old-fashioned wood stoves are also very inefficient; according to Consumer Reports, they produce more than 40 grams of unburnt smoke material per hour. Some new EPA-certified stoves are higher efficiency, however. They produce just 7.5 grams per hour.
Pellet stoves are electric appliances that burn wood pellets. They're more efficient than a traditional wood stove because the pellets are fed at measured intervals by an auger. In fact, pellet stoves produce so little in the way of emissions that they're not regulated by the EPA. These stoves don't work without electricity, though, and do require regular maintenance. Some pellet stoves can also burn dried corn.
These factory-built fireplaces are cheaper to buy and install than a traditional masonry fireplace. Some newer ones are more efficient as well, but many prefab fireplaces cause drafts. They provide the look of a fire, but little warmth, since most of their heat goes up the chimney. A well-designed factory-built fireplace is generally more expensive than less-efficient models, but provides more heat than many traditional models.
Traditional masonry fireplaces are attractive but inefficient. These installations can add significant value to your home and provide a pleasant focal point for a room but work poorly as a heat source. Adding a heat exchanger or other improvements can slightly increase a traditional masonry fireplace's heating ability.
Rumford fireplaces are very shallow fireplaces built according to an 18th century design. These masonry fireplaces are much more efficient than standard ones but must be built by a skilled professional, which drives the cost of a Rumford fireplace up much higher than a traditional masonry fireplace or wood stove.