I'm not sure anyone has actually done a scientific comparison, but a reasonable assumption is that Boot Camp would consume less power than Parallels, since with Boot Camp you're just running Windows, whereas with Parallels you're running two OSes at the same time. (This is perhaps the reason no one has tested it that I'm aware of, and while I'd also assume it's the case, I wouldn't quite say that with 100% confidence since there are other variables at play--like the fact that Apple has optimized OS X for the hardware it's running on, but we can't necessarily say the same about Apple's Windows drivers for Boot Camp, so maybe power management isn't as good.)
That being said, with Boot Camp, as I'm sure you're aware, you'll have to reboot. I guess Windows 8.1 stars up fast enough and newer versions of OS X aren't that bad either (especially on an SSD), but if you have to do this often you may get annoyed. There is also the time it takes to reboot, which depending on how often you do this or how long you spend in Windows may also affect your battery life, though again Boot Camp might still come out on top.
Personally, I'd do whatever I can afford and whatever annoys me less. Boot Camp is free, whereas Parallels is not, and if you keep upgrading OS X (or Windows), you may have to keep upgrading Parallels every year or two (not free) in order to remain compatible. If you don't mind the rebooting, Boot Camp might come out on top for you.