PSN name change feature is coming to PS4 in early 2019, according to the official PlayStation Blog. The feature will first rollout in beta later this year where players will test it.
During the beta, players are allowed to change their PSN IDs for as many times as they want. But once the feature rolls out only the first change is free of cost. Sony will charge $9.99 for each change you make to your PSN ID. The price comes down to $4.99 if you are a PlayStation Plus Member.
You can make changes to your Online PSN ID by heading to the settings menu or via the profile page. Changing your ID may make it hard for people to search you online so Sony is countering this by allowing players to display their old IDs on the profile.
The process is a one-time thing. If you decide not to display your old ID alongside the new one, you can not later choose to display it.
Moreover, games released after April 1, 2018 support PSN name change feature. Sony confirmed that the majority of games released prior to this date do support it as well. But keep in mind that not all games are going to support it.
In the beta, changing your PSN ID may cause some issues. If you face any problem you can revert back to your old ID any time you want.
This feature is compatible with PS4 games originally published after April 1, 2018, and a large majority of the most-played PS4 games that were released before this date. However, please note not all games and applications for PS4, PS3 and PS Vita systems are guaranteed to support the online ID change, and users may occasionally encounter issues or errors in certain games. If for any reason you experience issues after changing your ID, you can revert back to your original ID for free at any time (you will only be able to revert once during the preview program). Reverting back to an old ID will resolve most issues caused by the ID change.
Sony will share a list of compatible games once the feature rolls out in early 2019.