In the age of the Internet of Things (IoT), more and more sensors, actuators and smart devices get connected to the network. Application providers often combine this connectivity with novel scenarios involving cloud computing. Before implementing changes in these large-scale systems, an in-depth analysis is often required to identify governance models, bottleneck situations, costs and unexpected behaviours. Distributed systems simulators help in such analysis, but they are often problematic to apply in this newly emerging domain. For example, most simulators are either too detailed (e.g., need extensive knowledge on networking), or not extensible enough to support the new scenarios. To overcome these issues, we discuss our IoT cost analysis oriented extension of DIScrete event baSed Energy Consumption simulaTor for Clouds and Federations (DISSECT-CF). Thus, we present an in-depth analysis of IoT and cloud related pricing models of the most widely used commercial providers. Then, we show how the fundamental properties (e.g., data production frequency) of IoT entities could be linked to the identified pricing models. To allow the adoption of unforeseen scenarios and pricing schemes, we present a declarative modelling language to describe these links. Finally, we validate our extensions by analysing the effects of various identified pricing models through five scenarios coming from the field of weather forecasting.