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"highly cost-effective" is a grammatically correct phrase and can be used in written English to describe something that is very efficient and affordable.
It is usually used to emphasize the cost-effectiveness of a product, service, or strategy. Example: The new recycling program implemented by the company is highly cost-effective, saving them both money and resources in the long run.
Exact(48)
Those grants are highly cost-effective.
Drug treatment to prevent breast cancer is highly cost-effective.
Toyota creates redundancy in a highly cost-effective manner.
early use of other highly cost-effective lighting technologies.
The homes are A+ energy-rated and highly cost-effective to run.
Health checks, he says, have been shown to be a highly cost-effective intervention.
Similar(12)
The incremental cost effectiveness ratio remained highly cost effective during sensitivity analysis.
Tightening caps provides a highly cost effective way of meeting the higher target.
Conclusions: Low-molecular-weight heparins are highly cost- effective for inpatient management of venous thrombosis.
First, financial incentives for HIV testing may be highly cost effective.
Today, technology advances offer new--and often highly cost-effective--opportunities to address once-unsolvable problems.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com