In a presentation last year one of the founders of Sunpower said that photovoltaics are currently about $3/watt, and they need to be $1/watt to be cost competitive with fossil fuel generated power. He predicted that would happen in 2012. Nanosolar may get there quicker.
From Wikipedia:
Nanosolar was started in 2001 by Martin Roscheisen and Brian Sager and is headquartered in Palo Alto, California. The company has received financing from premier technology investors including Benchmark Capital, MDV, and Larry Page and Sergey Brin, the founders of Google.
It received $100 million in venture capital last year, one of the largest rounds for any company.
4 minutes. Link to Video
Nanosolar plans to build large production facilities in San Jose and in Germany, with an annual capacity of 430 Megawatts, enough to roughly triple total American solar cell production.
