Even though you have a 700W PS, it does not mean you are drawing 700W from the wall (making your electric bill higher). Depending on your setup, you could be only drawing 140Watts to 250Watts, give or take. Obviously SLI setups, Quad/Dual cores draw more power etc.
Now, if you have an ineffecient powersupply, it could make things worse. Active PFC and 80+ PS are good ones that reduce the loss of AC->DC conversion.
I would not change your habits unless you are extremely strapped for cash. If the box is newer, I dont think it would raise your electric bill by more than $10/month if at full load the entire month (depends on your electric rates). If you usually keep the box on 24/7, I would continue to do so.
Just my $0.02
Solas