I am thinking this spell will need to be tweaked, houseruled, or errata fixed.
It's not that a 90 range, 3d8 elemental spell on hit isn't fairly solid as a 1st-level spell, but that it comes with a whopping 50 gold piece per cast price tag is just unreasonable, to be honest. Maybe it's just me, but I am not spreading out wealth so freely that a potentially twice a day tax of 50gp is negligible.
Magic Missile, for example, is essentially a 3d6, no miss, split or focus attack spell with a better range (120) and no cost.
Burning Hands is a small AoE spell that is a 3d6, DEX save for half - free.
Guiding Bolt: Better range, 4d6 vs 3d8 (pretty close), grants ADV - free.
The only real benefit the spell offers is the ability to choose damage type, but at 50gp per cast... that's a hefty price to pay.
Maybe 5gp material component would be palatable? Honestly... it should just be free, too. Or else it needs something else that really makes it pop.
I don't have the PHB, but at least according to the version of the spell in the Hoard of the Dragon Queen supplement, the 50gp diamond is *not* consumed on cast. You have to have it (ie. in your component pouch), but as long as you have the diamond, you can cast Chromatic Orb as much as your spell slots allow.
Someone just pointed that out ot me. Yeah, that makes it back into line more... until the party rogue starts making profit off the wizard. 
Thanks for pointing that out. Forgot about the not-consumed-unless-noted text in the PHB.
Players Handbook, p203 Material Components wrote:
Why's the cost there? Is it to cover the versatility in the spell's ability to change damage types?
Otherwise, I'm kind if disappointed this spell doesn't have rider conditions. I liked 4E and 2E's versions.
It appears the cost is a versatility cost due to the fact you can choose the spells damage type with each casting. From what I can tell, its a GP tax which prevents 1st level characters from casting the spell unless they devote a sizable portion of their starting wealth to purchasing the material focus (wizards have 4d4x10gp, and sorcerers even less with 3d4x10). Were it not for the opportunity cost, this spell would be one of the go-to 1st level spells due to its versatility.
Compare its damage to other 1st level arcane damage spells:
- Chromatic Orb: Single target, 3d8 variable
- Burning Hands: 3d6 fire, save 1/2 (cone)
- Magic Missile: 3 darts, 1d4+1 force
- Thunderwave: 2d8 thunder, save 1/2 (cone)
- Witch Bolt: 1d12 lightning, repeatable each turn thereafter as your action.
Chromatic Orb deals significantly more single-target damage than Magic Missile (assuming it hits), while Witch Bolt is a trap unless cast in higher level slots, as the single target damage is pittiful when compared against a Chromatic orb plus multiple cantrips in subsequent turns. The only advantage Magic Missile has over Chromatic Orb, is that CO is a hit/miss spell, while Magic Missile has a chance of some missiles hitting their target(s), it can be used as a multi-target spell, and that it deals force damage (and can therefore hit ethereal).
Chromatic orb is also able to be the "right damage type and a chance to crit" spell, so the miniscule (in the grand scheme of things) cost of a 50 gp diamond is no concern to the caster players in my gaming group.
Vokarius wrote: