Mihir, the biggest aspect that governs your electricity bill is actually your PSU. The psu's efficiency will actually determine how much you shell out on electricity. As Adam suggested in his post, the difference between "Total system power draw" between comparable AMD and Intel system is not remarkable. AMD's draw more power yes.
It is however a poor psu that will affect you the most. Consider that you have a system which draws 300 watts from the psu at full load. Now you have the option of two psus. A. with 300 Watts, 60 % efficiency and B. with 300 watts and 80% efficiency. Both psu's will out put 300 watts to the system. However to output these 300 watts, they will draw different amounts of power from the wall socket.
Since A is...