Yeah you guys have nothing to complain about with your electric bills. Mine has been going over $500/month in the Summer, and $350-400 in the Winter! I had the utility company out several times to investigate the problem, but they couldn't find anything wrong. This is despite the fact that we killed the main breaker to the house, and the meter was still turning... The best idea I've heard is that because the wires are old, there's probably a break in the insulation and its leaking juice straight into the ground. For the money I'm spending, its worth having someone come out and run a new wire up to my house.
However regarding the OP, definitely look into better pumps! When I was rebuilding my pond, I considered this as well. My original 3000gph pump pulled 3 amps. I bought two new 2900gph pumps which each pull 1.2 amps... I figured up that I would have twice the flow and save enough money to pay for the new pumps in about a year and a half.
As a consideration, look at the Laguna Max-Flo 4280 -- it has a head-height of 14 feet and only pulls 1.45 amps @120V, or 160 watts. My Laguna's have been reliable over the past 4 years, although the cage does get clogged up with string algae easily (just had to clear them out this morning again before work).