Does IRV need to cost more or require buying new voting machines?
Not necessarily. Some jurisdiction in the U.S. have switched to IRV and purchased new voting machines, and some have figured out how to conduct the IRV election using existing voting machines. Those which have purchased new machines, have still saved money compared to their former system using separate runoff elections. Some jurisdictions, which did not buy new machines were able to upgrade software at a nominal cost, while others have organized a “workaround.” the typical workaround involves counting first choices using existing machines and software, and then conducting a hand-count in the event that an IRV tally is needed.