Ok, that is not extremely cheap. These days you are competing against industrial miners that are paying closer to 0.02 GPB/kwh. They are the ones buying the most equipment, so they drive the miner prices based on their profitability.

First step is to just use an online profitability calculator (like this) to see what the #s look like for any given miner, and how long it will take to break even.

For info on altcoins, head over to the altcoin section... https://bitcointalk.org/index.php?board=160.0