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Answered by The Community. Making the world better, one answer at a time. As a by product of the electric stove the first electric toaster oven was invented in 1910. A gentleman named William Hadawy who designed the first electric stove also invented the toaster. William developed the idea for the Westinghouse Corporation who is still a leading producer of toaster ovens today.
1 On average, a toaster oven can cost anywhere from as little as $30 to as much as $250. 2  Amazon, for example, has hundreds of toaster ovens for sale.3  The Breville BOV800XL Smart Oven 1800-Watt Convection Toaster Oven with Element IQ retails for $250, for example. Decide on how much you are willing to spend. 2  Toaster ovens are generally more expensive than toasters because they are bigger and can do more. 3  If you want to economize, you will find top-performing toasters for as little as $15. 4  Low-priced toaster ovens that did well in our tests will cost about $70 to $80.