Cloud Radio Access Network (C-RAN) architectures have arisen as an alternative to traditional wireless network architectures, notably by taking advantage of the functional split between the multiple distributed Remote Radio Heads (RRHs) and the centralized Baseband Units (BBUs), through the creation of a new connectivity segment—the fronthaul. In order to maximize the investment return, it is important to find out, for this C-RAN segment, which technologies provide cost-effective solutions. This paper addresses this issue by evaluating and comparing the performance of Microwave Radio Transmission (MRT), Free Space Optics (FSO), and Fiber Optics (FO) technologies when applied to the fronthaul. First, a methodology is provided to determine the most cost-effective solution for each RRH–BBU link, as well as to compute the required number of BBUs and where they should be positioned in order to minimize the overall network costs. Next, a cost-effectiveness comparison of the aforementioned communication technologies is presented for individual fronthaul segments under different weather conditions, link lengths, and bit rate requirements. Moreover, an assessment is performed regarding the impact of the RRH density on the selection of cost-effective communication technologies for C-RANs. The obtained results allow concluding that fronthaul expenses are significantly affected by the performance of FSO systems, which in turn is affected by weather conditions; this highlights the relevance of having accurate climate statistics and forecasts in order to get the most out of the FSO technology and, consequently, lowering the overall network costs.