No, it isn’t. Normally with verbs like `cost’, `eat’ and `pay’, we generally don’t use `very much’ – especially in affirmative sentences. We cannot say, `I ate very much ice cream’ or `I had to pay very much’. We normally use `a lot’ with these verbs. For example, we say, `I ate a lot of ice cream’, `I had to pay a lot in taxes’, and `The new TV costs a lot’. It is, however, possible to use `very much’ with these verbs in questions.
Examples: Did the new TV cost very much? * Did you have to pay very much as rent?
One can also use `cost’ and `pay’ with `very much’ in negative sentences. For example, it is grammatically acceptable to say, `It doesn’t cost very much’ and `You don’t really have to pay very much.’