Is this costing us more on our electric bill?

As Al mentioned, it's almost certainly not costing you anything--unless the electrician did something really stupid like connect the hot wire to either the neutral or ground wires. However, it sounds like it probably doesn't really meet electrical code, in which, you would almost certainly be legally required to get it fixed before you sell the house (even if that's 20 years from now). I'm not a licensed electrician, so I'm not 100% sure, but it would probably be a good idea to get a local licensed electrician to come out and check it out and at least tell you whether it meets code and if not, how much it would cost to get it up to code.