The Cost of Penile Implant Surgery. Depending on your geographical region, your choice of surgeon, implant type and placement, the average cost of penile implant surgery is between $10,000 and $20,000; this procedure may be covered by insurance.Financing is available.epending on your geographical region, your choice of surgeon, implant type and placement, the average cost of penile implant surgery is between $10,000 and $20,000; this procedure may be covered by insurance.