Giclee is not the cheapest printing method; it cannot be. We are using pure cotton rag, artist canvas and expensive printers to create these prints. The market for giclee is not the market of mom and popwho want a picture of their dog on the wall. There is a place for everything but giclee belongs to the highest printing quality.
To hope to sell a 16X20" giclee print for $20 is not profitable. Market well and you can turn the disadvantage of higher production costs into an advantage. Porsche is one of the most profitable car companies. In theory no one would be spending over 100K for a car when this day 40K can buy a great vehicle. Make your work desirable so people will see the value in it. For example explain they are buying a pure cotton print made with archival ink and not a cheap synthetic photo paper print.