Google today announced big price cuts for the 100GB and 1TB tiers of Google Drive cloud storage.

"We've lowered the price of our monthly storage plans to $1.99 for 100GB (previously $4.99), [and] $9.99 for 1TB (previously $49.99)," the company said in a blog post.

When Google introduced Drive two years ago, it offered 5GB for free, 25GB for $2.49 per month, 100GB for $4.99 per month, and 1TB for $49.99 per month. Google boosted the free tier to 15GB last year, and now users can rent much more than a terabyte. 10TB costs $99.99 per month, 20TB costs $199.99 per month, and 30TB costs $299.99 per month.

Google's prices for 100GB and 1TB are impressive. Dropbox charges $9.99 per month or $99 per year for 100GB and $49.99 per month or $499 per year for 500GB. Dropbox for Business must be purchased for at least five users to get more than 500GB.

Box personal accounts provide 10GB for free or 100GB for $10 monthly. Microsoft's OneDrive (formerly SkyDrive) offers 7GB for free. An extra 50GB on OneDrive costs $4.49 per month or $25 per year; 100GB costs $7.49 per month or $50 per year; and 200GB costs $11.49 per month or $100 per year.

Google's offer doesn't include discounts for full-year purchases, but the monthly prices are low enough that Google is still cheaper than its major competitors.