As low‐power wide‐area network (LPWAN) end devices (EDs) are deployed in massive scale, their economic and environmental costs of operation are becoming too significant to ignore and too difficult to estimate. While LPWAN architectures and protocols are designed to primarily save energy, this study shows that energy saving does not necessarily lead to lower cost or environmental footprint of the network. Accordingly, a theoretical framework is proposed to estimate the operational expenditure (OpEx) and environmental footprint of LPWAN EDs. An extended constrained optimization model is provided for the ED link assignment to gateways (GWs) based on heterogeneous ED configurations and hardware specifications. Based on the models, a simulation framework is developed which demonstrates that OpEx, energy consumption, and environmental footprint can be in conflict with each other as constrained optimization objectives. We demonstrate different ways to achieve compromises in each dimension for overall improved network performance.