A major barrier to starting small scale hydro power projects is an understanding of how much the scheme will cost. Empirical formulae to estimate the cost of electro-mechanical equipment and the costs of different types of turbines were developed through statistical analysis of cost data obtained from a range of turbine manufacturers. The approach differentiates between different turbine designs and presents formulae for all major small scale devices. The derived results were compared to the results obtained from using other methodologies and were found to provide more realistic cost estimates.