CLEP currently costs
• $80 to the College Board, and
• a test center/proctoring fee to the center at which you test, set and collected by the center. Testing at U.S. military test centers is generally free for military personnel (and the military will often cover the College Board fee).
Schools that accept CLEPs, including the Big Three, will accept CLEPs administered at any authorized center. Separately, COSC happens to operates a test center in New Britain, CT and TESC operates one in Trenton, NJ. The $127 cost you're seeing is $80 to the College Board plus Charter Oak's $47 test center fee if you test at Charter Oak in New Britain. But you probably won't! You can find contact information for the
test centers nearest to you at the College Board's site.
You might want to ask the test center you use about their ID requirements in advance. (I've been in line at a test center behind a client trying to argue with the center about ID.)
If you're currently an enrolled student, or have an active application in process, at a school (like COSC or TESC), you can choose that school from a menu in the testing program and the College Board will send your score to the school free of charge. Whether you send this score report or not – in either case – the College Board will retain your score for 20 years. For a single fee, currently $20, the College Board will send
one transcript including all of your CLEP scores (unless you request only a subset) to an institution. In this sense, the College Board 'banks' scores for you.