You'd have to figure out your run-rate costs for the cloud storage. Let's take a look at Amazon for a quick example, using their S3 storage service.
I got this info from here: https://aws.amazon.com/s3/pricing/
Three tiers, Standard, Standard with infrequent access, Glacier
First 50 TB/month $0.023/GB, $0.0125/GB, $0.004/GB
Next 450 TB/month $0.022/GB, $0.0125/GB, $0.004/GB
Over 500 TB/month $0.021/GB, $0.0125/GB, $0.004/GB
So, for your 500 TB (500,000 GB) of data,
Standard - (50000 * $0.023) + (450,000 * $0.022) = $1150 + $9900 = $11,050/mnth
Std - Inf. access (500000 * $0.0125) = $6,250/mnth
Glacier ( 500000 * $0.004 ) = $2,000/mnth
So, just in carrying costs, at the cheapest you will be spending $24,000 per year for the archived data.
Then, there are the access costs. There are charges per 1000 operations. Costs are going to vary based on what tier you are using, and how you software works for pushing data into S3.
The big pluses for using cloud services are you don't have to worry about power, cooling, hardware costs, support costs, etc. If you are in a situation where capex is hard to get approved but opex is easy, then cloud services become a lot more attractive. I'm sure there are tools out there to help you with better pricing, but this is just the back of the envelope calculation to give you a starting point.
This does not take into account the cost of bandwidth. That can be huge if you are trying to push a ton of data very quickly.