The cost of replacing an outdoor faucet will consist of removing the already old faucet, which may have malfunctioned, and installing a new one. There will be the cost for labor and the cost to buy a new facet. A new faucet will cost about $20-$30 depending on where you buy it. If you need to replace any pipes or other components you will need to add in that cost. On average when making use of an expert, you will have to part with $200 for the faucet to be replaced.