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Discover LudwigThe phrase "is costing" is correct and usable in written English.
You can use it when referring to the monetary expense of something, usually in the present tense. For example: "This project is costing more than we expected."
Dictionary
is costing
noun
Amount of money, time, etc. that is required or used.
synonyms
Exact(60)
He is costing me votes".
"This is costing jobs," he says.
"That is costing our economy dearly".
The change is costing T-Mobile.
"Every wasted day is costing us".
(The building is costing developers $60 million).
That $3.40 shirt is costing us.
All this is costing £1.9 billion.
"This is costing us millions.
It is costing him £14m.
This picture is costing three million dollars!
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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