You would look at around $100-150 a month in addition to normal electric cost. This of course depends on the per kWh rate of your electric company so it might be less or it might be more. If you want to check my math, just google cost to run a 1500 watt space heater. Wattage is the cost, not design. All electric space heaters, of which oil filled is one, heat generally the same and will cost the same to draw power to heat a space.
Now as far as the thermostat controlling the wattage, it should be fine so long as that is the only thing plugged into the wall outlet. Meaning that thermostat with your space heater is not also running on a power strip plugged into other devices.
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