In this paper, we consider the utilization of TV White Spaces (TVWS) by small Cognitive Radio (CR) wireless network operators (SCWNO) to support the communication needs of various smart grid and internet of things (IoT) applications. Spectrum leasing could be essential for SCWNO to support a wide range of applications. In our paper, we assume that in order to ensure Quality of service (QoS) requirements, the CR operator has the option of leasing the specially designated high priority TVWS channels (HPC) for short term use by paying a small fee according to the actual usage. Based on Lyapunov drift plus penalty function framework, we develop an online algorithm to exploit QoS flexibility. Such flexibility might be available in terms of data transmission delays as well as data quality reduction in order to minimize the overall HPC leasing cost. The developed algorithm also provides three adjustable parameters that could be controlled to tradeoff the total cost and QoS. The performance of the proposed algorithm is very close to the optimal offline lower bound solution.
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