5G Redcap has the following advantages.

Higher peak data rate: 5G RedCap can support peak data rates much higher than LTE Cat1 

Lower latency: 5G RedCap offers comparable latency to existing 4G LTE technologies  

Improved power consumption: 5G RedCap can help to improve the power efficiency of IoT devices, which can extend the battery life of these devices.

Lower Cost of UE: 5G Redcap will help reduce much cost than traditional devices' cost.

In the end, it will up to the price of current 4G Radio Module Chipset. Meanwhile it it will help save other accessories or related devices' cost.