Google today significantly dropped the prices for its Google Drive online storage service. The first 15GB of storage remain free, but 100GB now costs just $1.99 per month instead of $4.99.

Even more impressively, though, you can now get a terabyte of online storage for $9.99 a month, down from $49.99.

If you really need a lot of online storage space, you can also get 10 terabytes for $99.99 a month and then add more storage from there in 10 terabyte steps (so 30 terabytes will set you back $299.99 per month).

For most people, even a terabyte of storage should be more than enough for a long time to come, even if you store lots of high-res images on Drive. Just like before, the additional storage works across Drive, Gmail and Google+ Photos.

You can now sign up for these new plans here and if you’ve already subscribed, you’ll automatically be subscribed “to a better plan at no additional cost,” Google says in the announcement today.

Google’s new prices significantly undercut those of many of its competitors in this space. Dropbox, for example, charges $9.99 a month for 100GB. Paid plans for Microsoft’s OneDrive, which offers 7GB of free storage, start at $25 per year for 50GB of storage and 100GB costs $50 (Update: looks like there is also a somewhat hidden monthly option, which starts at $4.49/month for 50GB). Google, as far as I’m aware, does not offer any discounts for pre-paying for an annual plan.