I'm in Texas and we have installed a number of backup units in homes in the country. Providing you have kept up with the maintenance on the unit and it's in top running condition, as long as there is fuel in the lines it can run for years non-stop. For a number of folks, natural gas is a good choice but it's not always available here. For that reason most we install are diesel but some of the smaller units are on propane. The Home Owner usually will upgrade to a much larger propane tank and then it's subject to how much fuel is in the tank when the electricity goes out. WE have several utility providers in the area. Some are quick to fix issues, some might take days.
Cost, depends on what you want. If you expect to have enough electricity to run all of the mechanical's of the house- fridge, lights, water heater, A/C, etc., you're talking a fairly good sized unit. It won't be pocket change. Again, depending on the demand, it could cost anywhere from 6-8 grand installed. That will keep the lights on and run the fridge, to $12-20,000 to keep everything running like nothing was wrong. What you need is a local electrician to evaluate what you need and get an estimate on a complete install. Then you'll have exact numbers on cost.
For a 2000 sq ft house with good insulation and low E windows, we've installed several units like this one. You can't run the A/C at 78F but you can run it on a limited basis. Installation can add 2-5 grand depending on where and if you want it in a shed.
Generac 6055-0 Synergyâ„¢ 20kW Variable Speed Standby Generator 200A Service Disc.+ Power Mgmt.