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The sentence 'it is costly' is correct and can be used in written English.
You can use it to describe the cost of something that is expensive. For example, "This new laptop is really great, but it is costly."
Exact(60)
Despite its advantages, it is costly, and it is difficult to mold and press.
It is costly.
"Yes, it is costly.
But it is costly setting it up.
For one thing it is costly.
It is costly ($35) but classy.
And, it is costly to do so.
However, it is costly to produce.
It is costly and the outcomes are uncertain.
It is costly to develop medicines and get regulatory approval.
It is costly to fire workers even with good reason.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com