Google on Thursday revealed significant price cuts for its Google Drive cloud storage and synchronization service. Effective immediately, each paid tier is now cheaper than it was yesterday which will no doubt put even more pressure on the competition.

The 15GB offering remains unchanged (i.e., free) while 100GB of online storage will now set you back just $1.99 per month, down from $4.99 previously. A full terabyte – once priced at $49.99 each month – can now be had for just $9.99. Those that need even more storage can get 10TB blocks for $99.99 each per month.

The service remains unchanged which means the storage is still available across Gmail, Google+ Photos and Drive. Existing Drive users will automatically be upgraded to a better plan at no additional cost, the company said in a blog post announcing the price cuts.

How do Google’s new prices compared to their rivals, you ask? A quick check at Dropbox reveals a 100GB plan sells for $9.99 while Microsoft charges $25 and $50 for 50GB and 100GB of storage, respectively. Of course, each service has its pros and cons to consider but at these new prices, it’ll be hard to pass over Google Drive for the value alone.

Perhaps even more interesting will be the response from the competition. As we’ve seen in the wireless industry, it only takes one provider to really shake things up and prompt change from all involved.