The biggest expense in most cases will be the balloon itself. According to Andy Richardson, owner of Albuquerque-based Adams Balloons, a used balloon can cost between $7,000 and $15,000. A new balloon can cost around $40,000, or more if it is custom made or a special shape.
Hot air balloons are mainly powered by propane, which can cost about $2 a gallon. The average balloon flight uses around 20 to 30 gallons, so propane for one flight will set you back about $50.
Source: The Business Journal