Shiplap is usually more expensive than drywall, due to the cost of materials and precise installation. Shiplap boards cost between $2.50 and $7.00 per square foot, and professional carpenters charge between $35 and $100 per hour to install shiplap.* You can expect to pay between $1,000 and $1,700 for professional installation of shiplap in a 200-square-foot room.  If you choose to complete the project yourself, the cost is likely to range between $500 and $1,400 for a 200-square-foot room. Your costs will depend on the tools and materials you already have and the type of wood you choose. *Cost data from Angi and Home Advisor.