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In this regard, is shiplap cheaper than drywall?
First of all, Shiplap can be more expensive than drywall. It all depends on the materials used. Some shiplap materials used are also cheaper than drywall. While drywall is considerably less costly than some shiplap materials, there may be many reasons why you should consider the later.
Beside above, how much does it cost to put wood on ceiling?
Material cost: Typically around $3 to $7 per square foot. Another way to showcase wood on the ceiling is to expose your ceiling joists.
The cheapest way to get thin wood shiplap strips at an exact height is to cut them out of 1/4″ plywood or MDF sheets (I went with maple plywood sheets because they seemed to be the smoothest of the 1/4″ plywood options at Lowes).