Well, initially it was for 3 parts of bugger all, and on a small scale it worked pretty well - but as it has evolved over time into a bigger and more versatile unit, I've probably spent $900 dollars on different bits and pieces over the years, but the core of what I currently have would be a lot cheaper to assemble. Its the trial and error that cost me, not so much the result.
To build my HERMS from scratch (assuming you have the basic 3 vessel set-up already) would cost
March pump - $250 from G&G
PID controller and jiffy box/parts to make it go - $80.00 ish off e-bay and DSE
A few meters of 1/2inch copper tube for your heat-ex coil and return manifold - You can get 6m of it for $48 from Bunnings at the moment and spare copper tube isn't going to hurt
10L handy pail for Heat-Ex vessel - $5 new from Bunnings or free scrounged from a deli or something
Element from a K'mart electric kettle - $10
A few meters of silicon hose - $18 ??? actually I use cheap bunnings vinyl hose cause I bought a whole coil of the stuff, It will be being replaced with silicon when it runs out because it is ****.
A couple of compression fittings for the end of your coil - $10ish
Some good Quick disconnects - <$50 for more than enough
Aluminium camlocks from Dural Irrigation I am currently using cheap plastic garden hose fittings and they suck rectum. Good brass garden fittings would be fine, but are actually more expensive than the camlocks. So the camlocks are being ordered in the next couple of days.
A bigish bag of Rice Hulls - I use a good couple of hands full in every mash to make sure I don't get sticking. Nothing worse that starting your mash at acid rest temperatures planning on a four step mash - then it sticks in the first few minutes of re-circulating and your mash stays at 36C while you F around trying to make it go, and then sticks again at every other step on the way - three hour mashes are no damn fun at all.
An RCD - $25 from bunning. So you dont kill yourself
I dont know if you could do it a lot cheaper than that, unless you try to save on the expensive bits and re-cycle a washing machine pump or something instead of using the march. I spent quite a bit of time and effort trying to make things as cheaply as I could, and use things that would "do" rather than the things that would be the "best". All OK if you don't want to enjoy your brewing very much. But spending the first 45minutes of my brew cursing and swearing because a cheap QD insists on leaking, or the cheap pump I first bought is leaking like a sieve and wont prime, or the cheap hose keeps kinking when its hot....... it's not a lot of fun at all. It gets more expensive when you try to be cheap and then have to buy everything twice because you'd rather be actually brewing than swearing at your brew system.
This system works pretty well for me, (after the swearing is over) but I am a real stickler for mash temp control and the system has a bit of delay and inertia to it, so I am about to undertake a modification to RIMS rather than HERMS because I think that I will get faster and more accurate control of temperature and temperature changes. This will cost me a slab, because a friend is building the RIMS unit for me out of some stainless pipe, and the rest of the gear is to be scavenged from the HERMS. It will all be able to be put back if the RIMS is no better that what I currently have.
Hope that gives you a bit of a picture of what you are heading for. I sincerely hope that someone else is abl to tell you its a lot cheaper and easier than I have made it - then when I get the masochistic urge to re-build my system again, I'll do it their way instead of mine.
Cheers
TB