I haven't seen this thread until now.
Total cost of my HERMS.....
2 x 64 qt aluminum pots. One is my hot liquor tank (HLT) and the other is my mash tun. I think they were ~$90 each.
Addition to HLT: 1 x 1500W hot water tank electric element. Somewhere around $20.
1 x small electric motor. ~$3 from a salvage store. I rigged it up to turn a coat hanger which stirs the water. The motor itself is driven by a light dimmer circuit. That cost ~$10.
Addition to Mash Tun: False bottom kit from a homebrew store. It comes with a ~10" diameter perforated SS false bottom, and all the necessary fittings, elbows, etc. It also included a ball valve. I think that was ~$30.
1 x 6 or 7l enameled steel pot. Free. Old pot that my mom had given me many years ago. The wife didn't like it for cooking (it looked grungy) so it became my heat exchanger.
Additions to HE: 1 x 1500W hot water tank electric element. Somewhere around $20. I had to carefully bend the element over so that it would remain completely submerged in the small HE. No cost, just time.
1 x 25' length of 3/8" ID copper tubing. I think this originally cost me ~$35, but I bought it many, many years ago. It was originally my immersion chiller, but it is now my HE coil.
1 x march pump. Cost ~$250.
1 x control unit. Home made (I'm an electrical engineer). Cost ~$100, but I had almost all of the parts laying around gathering dust. Quite a few hours went into writing the code for the controller. You can buy commercial PID units on ebay for a lot less.
Insulation for all containers: ~$40 for a hot water tank insulation kit. It had enough insulation to cover all vessels, tops, bottoms and sides.
Tubing, fittings, valves, hose clamps, etc: ~$100 or so. This cost also includes foam pipe insulation for the hoses.
Total cost ~$788.
Some other points:
HERMS vs. RIMS: A HERMS is slower than a RIMS because the wort doesn't come into direct contact with the heating element. However, with a RIMS there is always a danger of scorching the wort. You also have to be very careful about husks never being allowed into your heating chamber because they can lodge, which catches more husks, and it becomes a vicious circle. If those husks ever start to scorch, your beer suddenly becomes a rauchbier.
PID control: A properly tuned PID controller will change your wort temperature the fastest (when going for the next set temperature) without any overshoot. A commercial PID unit will have a learn function. You simply prime your system with a typical amount of water, punch in a set temperature, and the unit then does its thing. It applies heat and measures how long it took for the temperature to start to change, and also how much it finally ended up changing given a known (set) amount of heat. From these measurements, and others, it can tune itself fairly accurately. Don't ever try to let the controller learn the response on a real batch of beer unless you're willing to tolerate some wild temperature swings in your mash. One other thing: put the PID unit's temperature sensor in the mash, not on the outflow of the heating chamber (RIMS) or HE (HERMS). I have several sensors on my system, and the sensor inside the mash lags the output of the HE by a lot. I use the mash sensor as the input (drive) signal for my system because of this.
Hard piping vs. reinforced vinyl hoses: Go with vinyl as you can easily tear down the system for cleaning. You can also see what is inside the hoses and can replace as necessary with minimal cost.
Can't think of anything else right now. Let me know if you have any questions.