This is a soldering iron holder that I built for less than $10. It will hold multiple soldering irons or desoldering irons, and it supports the iron by the handle, so that the iron's heat is not wasted by heating up the soldering iron holder itself.
Step 1: Materials and tools needed
List of materials:
1. Metal electrical box. You can pick this up at a hardware store. The one I am using is a square, deep-well galvanized box. It is a 2-gang size, 4 inches square, meaning that you could fit two standard switches or outlets inside it. The deep well holds the soldering irons at a steeper angle, but you don't necessarily need it for the holder to work. A 2-gang box means that I can have two (or even three) soldering irons stored in it, so if you only need one iron at a time, a smaller electrical box can be used.
2. A piece of scrap 2x4 wood, 3 or 4 inches long. This will elevate the soldering irons so that the tips don't accidentally touch the worktable.
3. A larger piece of scrap wood for the base. Mine is a piece of 1x10 pine.
4. Wood screws. The ones used here are one and a half inch deck screws. They just have to be long enough to go through your base wood and into the 2x4.
You will need a hammer and screwdriver to assemble this. In addition, I recommend a drill fitted with a screwdriver tip to speed up assembly.