The other way is to catch the bus from Costa Teguise to the Bus Station in Arrecife. The bus stops outside, then you have to go inside the station for the number 6 or 8.
This means you are one of the first on so guaranteed a seat.
The services are decent and the views are great as the bus visits Tias, PdC (biosfera), Uga and Yaiza.
www.arrecifebus.com , as stated above has all timetables and fares for the journeys.
There is now a direct bus from Costa Teguise to Famara, excellent for the beach, surfing and decent food.