We quoted a small project last week that was specified that we do a arc flash study and short circuit coordination and we were quoted 5k for this. This project was a small office addition with a 100A sub panel in it and was only worth 20k I total. The engineer stated that this study was only for the new panel, and if the rest on the distribution didn't already have this done he would have to do it from scratch and the cost would go up dramatically! I don't know what work is required but 5k just to do this on one 100A panel is crazy in my mind, the panel isn't even worth nearly that much.
That does seem excessive for the one panel but in order to do that panel for short circuit and arc flash the available short circuit current and upstream breaker details need to be known. One cannot assume or use maximum available short circuit current for arc flash.
So, I do not know what basis the arc flash hazard would be analyzed on.
Some of the costs of a study are driven by data collection and that can be much more than the engineering time. Another adder is the overhead that is added which can be costly for large firms that have big staffs to support. There are small firms, like mine, that only have several people and myself I work out of a home office. Very little overhead.
As I noted above, I have over 10 years doing these studies and spent over 20 years in engineering for utility companies.