Yes. You will be billed for the resources that are used on the host while your server is in the Active status. When your server is created, you are given a dedicated amount of RAM and hard drive space. As long as your server exists, no one else will be able to use those resources that have been allocated to you - this is why you are billed per hour even while powered off. If you would like to stop incurring charges for a given server, you must delete that server in the Control Panel.
If you want to stop paying for a server, but still need to retain the configurations from it, your best option is to create an image of the Cloud Server. Your system configurations on your system disk will be preserved in the image. The image will be saved in Cloud Files and accessible through the Saved Images tab in the Control Panel. There is a fee associated with Cloud Files storage but it is much less than the cost of an active server. You will also need to save the data from your data disk out to Cloud Block Storage or Rackspace Cloud Backup to have available on your next server. Then you will be free to delete the original server, safe in the knowledge that you can always provision a new server using the saved image of your old server and you saved data. After restoring your server from the saved image, the primary difference will be that your new server has a different IP address from the old one. Putting the new server into production may require you to update any associated DNS records to reflect the new IP address.
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