A dripping faucet may be a simple problem that you can repair or it may be a serious problem that will require you to install a new faucet.
Faucet repair costs
Obviously, if you can fix your dripping faucet, it's going to be cheaper than replacing it. If all you need is to repair a faucet, you can do it yourself, and it will only cost you your time and a few dollars. If it's a more serious problem, you might have to call in a plumber, which can cost anywhere from $50 or more an hour, plus a service call fee, depending on the prevailing rates in your area. Depending on what needs to be done, you are probably looking at $100 to $200 to repair your faucet.
Faucet installation costs
If you have to replace a faucet, you are looking at considerably more expenses. There is the cost of the new fixture, which can run anywhere from under $100 to several hundred dollars, depending on the materials. You also have to figure in the labor costs to install it, unless you feel confident you can do the job yourself, and the cost for any other materials that may need to be used. Altogether, the job should take an experienced plumber about two to three hours to complete. If you buy a fairly ordinary fixture and don't spring for a luxury faucet, you should be looking at somewhere between $250 and $500 to replace a faucet.