You’d think that as often as songs mention how Jesus "paid the price" for our sins, that such terminology would be found in the Bible at least once.
Instead, the only price discussed in Scripture in reference to the precious blood of our Lord Jesus Christ is our redemption … a "purchase" price. We were "purchased for God with [Jesus’] blood" (Rev. 5:9, NASB); The church of God was "purchased with his own blood" (Acts 20:28, NASB). We were "redeemed" with "precious blood, as of a lamb unblemished and spotless" (1 Pet. 1:18-19, NASB).
Usually, when we sing about how Jesus "paid the price," we mean that God was going to punish us with death and hell, but Jesus died in our place, paying a price to God in order to divert God’s wrath.
Scripture never uses such terminology.
We were purchased "for God" (Rev. 5:9). We were not purchased from God, nor from God’s wrath. We were "redeemed" (1 Pet. 1:18) and "ransomed" (Matt. 20:28).
I discuss my conclusions about this on my Christian history site at Substitutionary Atonement, but whether you agree with my conclusions or not, you have to acknowledge that what I’ve written above is true. It’s a simple fact that our very common use of "paid the price" or "paid the penalty" is never duplicated in Scripture.