Is equity financing more expensive than debt?

I'm curious about the costs associated with equity financing versus debt financing. From my understanding, equity financing involves selling shares of a company in exchange for capital, while debt financing involves borrowing money and promising to repay it with interest. My question is, is equity financing typically more expensive than debt financing in the long run? How do the costs of both compare, and what factors might influence this? I'm particularly interested in the impact on the overall financial health of a company.