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The VM has been shut down from within the guest operating system or using PowerOff APIs. The VM will be showing as Stopped. This does not release the lease that the VM has on the underlying hardware, which means the hardware is unavailable for other customers. In this state, the virtual machine is still billed for.
The VM has released the lease on the underlying hardware and is completely powered off, so the virtual machine resource is not billed. It will appear in the Azure portal as Stopped (Deallocated).
Even if the virtual machine is deallocated and not consuming "compute" time (holding a lease on hardware), there are components of this virtual machine that you are still using.
While the VM is shut down, there is still a storage cost for the disk that is holding the virtual hard drive file, as well as any other data storage disks you may have created, as you are still consuming file storage.
A static Public IP address will still be billed if the VM is shut down or even deleted, unless you delete the static public IP address.
Please refer the below for more detailed information- https://techcommunity.microsoft.com/blog/itopstalkblog/am-i-billed-for-an-azure-virtual-machine-if-its-shut-down/2456669
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