With 80% efficiency, you have to burn 1/0.8=1.25 units of fuel to get one fuel unit worth of useful heat. With 97% efficiency it's 1/.97≈1.03 units.
So if fuel prices and the amount of useful heat usage stayed the same, then your bill should be 1.03/1.25≈82% of what it was before. If your bill is "less than half" then something else must have changed.