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Yes, you can use an existing chimney with a wood-burning stove if it meets specific requirements. The stove’s vent pipe size must be compatible with the size of your chimney flue. Your contractor can tell you whether your chimney is suitable for installation.

You don’t necessarily need a chimney for a pellet stove. However, all pellet stoves need some type of venting system to get rid of gasses and other potentially harmful byproducts of combustion. If you don’t have a chimney, an alternative option is to vent your pellet stove through an exterior wall of your home.

Running a gas fireplace is potentially cheaper than using central heating if you are heating a single room and don’t need to heat the entire house. That's because gas fireplaces are a better source of direct heat, making them more efficient for warming small spaces. Central heating, while more efficient for whole-home warmth, uses more energy overall. Strategically using a gas fireplace, therefore, can help lower heating bills.

If you're looking for supplemental heating for your home, an electric fireplace can be worth purchasing. A prefab, freestanding model will only set you back a few hundred dollars and can help to heat up drafty or cooler rooms. Electric fireplaces don't have the maintenance requirements of gas or wood-burning fireplaces and don't require you to buy wood or other fuel.