I have been thinking of getting a color copier, but I am concerned about the added service costs associated with a color copier. What is the service costs differences between a color copier and a black and white copier?

A color copier cost you more for service, there is no doubt about that. On average a color copier will cost about 8 times greater for a service contract. The average black and white copier will cost around 1 penny per page for a complete parts and labor copier service contract. For a color copy machine the average service contract runs about 8 cents per page.
That said you should understand the two basic types of color copiers. A hybrid color copy machine is the right choice if you mainly print and copy black and white, but occasionally want some color output. If calibrating and exact color matches are not important, a hybrid color copier will save you money. Hybrid color copiers are getting more and more common, especially when you want multi-functionality (Copier Printer-Copier Fax-Copier Scanner).

If you are looking for a graphic quality color copy machine then you want to concern yourself less with multi-functionality and focus more on the amount of toner the color copier lies down and how well it can fuse to heavier card stock. Most of the time, these color copy machines have quite expensive print controllers that allow the user to precisely calibrate the colors they are looking for. Graphic quality color copiers are often found at print publishing companies, marketing departments and pay-for-print establishments.
Last, color copiers will mandate more expensive supplies and are thus more expensive under a service contract. A color copier requires 4 sets of toner instead of just black as well as 4 sets of developer and fuser oil. Since the cost per page of a color copy machine is about 8 times more expensive then black and white copier, it makes sense to focus on what type of color output your business requires and who in your office should be entitled to use the color copier.