The cost of red bell peppers varies by location and time of year. In season, (summer through early fall) in an average location, they cost from $.25/each to $1.00/each. Out of season, red bell peppers can run as much as $5 per pound (imported from the Southern Hemisphere, usually), and since a pepper weighs about a half pound, that's $2.50 each.
Organic produce is more in demand these days, so expect to pay a premium for organic peppers of any color, starting at $.50/each in season and going up to $8/lb (or $4/each) out of season (imported).
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