A projector setup is several grand more than a basic LED LCD; that's a big difference compared to the couple bucks a month difference in electricity costs that I won't notice anyways.
Now, lets assume you want a 55" screen, and a very good one...lets say that means a 55VT30 from Panasonic and a 55HX929 from Sony, if you want comparable performance (I don't want to get into debating performance of different brands here, these are two I'm very familiar with). Assuming you're buying from authorized retailers where you get a warranty, the Sony is going to run you $3800, and the Panasonic can be had for around $2800...that's $1000 difference. That buys you 25 years at current energy rates, and you get a better picture.
To me, it's worth it to have the better image quality of plasma. It's not like I can't afford an extra 2 cents per hour to run it.
I say get the projector, a decent enough one can still be had for $1,000 or so. I know others will chime in that you might need to spend way beyond that, but you might be happy with one at this price point.
Add another $1,000 for a screen and buy a cheaper audio system that you will move to another tv setup once you can afford to upgrade the sound for the projector.
That being said, my friend got two nice projector screens (automatic) at two different times on craigslist. Keep an eye out on there and save a bunch. After seeing his 130+" screen, I want one.
...and 60" isn't close to a GIANT picture...I very rarely sell anything smaller than a 50" these days, outside of guest rooms and really small spaces.