On-premises PBX: licences per extension, server or appliance, IP phones, installation and numbering plan, annual maintenance, SIP trunk and call traffic.
Cloud PBX: a monthly fee per user, which is the biggest slice, phones, initial set-up with number porting and call traffic.
The on-premises solution weighs heavily at the start and is cheap afterwards. The cloud starts light and always charges the same. Fast-growing companies rarely regret the cloud. Those with a single office and a stable team tend to spend less with their own PBX after four or five years. Beware of the per-user price: going from 30 to 60 people doubles the bill without anyone deciding anything.