Palo Santo is a sacred wood and is recognised for a wide variety of powerful & therapeutic properties, including the ability to uplift mood, strengthen vitality and aid in protection while placing/filling space with white light energy where ever used. It is beneficial for meditation, concentration, and enhancing creativity and learning. It serves as a strong medicine for its ability in keeping energies grounded and clear. Palo santo is also used to repel mosquitos!
When being used, it is to be burned and is a very hard wood so it will last a long time and may need a good flame to keep it burning.  If used properly, you would use sage first to clear a space and then use the palo santo to place positive energy in that space so it is filled with light which makes it hard for negativity to return.  Palo santo can get confused of what it is used for, clearing or placing of the light, so it is best to use in a proper order, but if it is all you have on hand, by all means light it to clear your space.
When you purchase the sage and santo duo pack it comes with suggested use and prayer for properly cleansing your space with both, a great deal as it comes with instructions and a handy plastic bag to keep your sticks free of dampness.