Combining this sort of system, spread out in <a href="http://judithcurry.com/2014/03/08/open-thread-8/#comment-479558" rel="nofollow">the area between the Imperial Valley of Southern California, which contains the Salton Sea, and the nearby Colorado River basin, through which cold bottom water from the Sea of Cortez could be pumped,</a> with <a href="http://judithcurry.com/2014/03/08/open-thread-8/#comment-480749" rel="nofollow">use of sea water (or water from the Salton Sea) rather than fresh for the pumped storage,</a> might well be cost-competitive <b>without subsidies</b> within a decade.
Excess heat from cooling the solar system could be used to drive distillation, cooled by evaporation of some of the salt water, yielding fresh water in addition to energy. Pumping that fresh water to more populated regions could be done during peak hours, thus not using any of the stored energy.
The cost of module-level inverters, in large quantities, would be a minor factor until PV costs come down so far that the whole assembly would be much cheaper than the competition.
And note, as mentioned in one of the above links, that "turkey nest" dams in this area could be built with standard levee technology (rammed earth and sandbags). No need for high-cost dam technology.