The rating of the power supply is it's peak rating. That is the maximum power it can deliver.
If you only draw 500W of power (say) then the running costs of the 750W and 650W PSU will be the same - assuming they have roughly the same efficiency rating.
There are many other, possibly more important, factors than cost:
- Quality. This is a good guide to the efficiency and life-span of the PSU.
- Noise (thanks Richard). You are going to be sitting next to this device for long periods and a noisy fan is going to get annoying (at best) and really uncomfortable (at worst), so look for a quiet one.
- Cable management. A more expensive PSU might have more, and more varied internal power connectors so you can connect up all your internal peripherals without extra splitters/converters. Though this is also often a function of the output. A higher rated PSU is going to have more connectors than a lower rated one.
Therefore I'd consider buying the cheapest one that delivers more power than you need, but meets the other criteria outlined above. Having a good margin is useful as you don't have to worry if you add more hard-drives or a more powerful graphics card in the future.