Part of it depends on what trough you are using (metal or rubbermaid) and tank size, and where you live. Here in Kansas, I need a heater that will work to about -10 on a regular basis. I have 100gallon rubbermaid troughs, and I use this heater.
http://www.amazon.com/gp/product/B000HHO9LC/ref=oh_aui_detailpage_o00_s00?ie=UTF8&psc=1
I have pretty mouthy horses and haven’t had one play with the cord.
Just about every tank heater says not to use an extension cord with it, I don’t know if you can find one that says it’s okay. I do my best to just heat the trough right next to the barn so I can plug in directly. When I DO use an extension cord, I make sure to use at least a 12 guage if not a 10 guage extension cord. I also make sure I have a connector cover like this one.
http://www.amazon.com/gp/product/B0036DEC0W/ref=oh_aui_detailpage_o02_s01?ie=UTF8&psc=1
Cost per month really varies, and i’m on a pretty expensive electric rate where I am - I would say on the really cold months it costs me about $30 a month to keep one running. Totally worth a dollar a day to me not to have to chop water 4-5 times a day.