Metro, Caltrans and other partners have joined forces for the exciting ExpressLanes Project. The project will improve congestion on the 10 and 110 Freeways by converting HOV lanes to High Occupancy Toll (HOT) lanes, among other changes. The new ExpressLanes on the 110 are scheduled to open in early fall 2012 and those on the 10 are scheduled for early 2013.
To use the future HOT lanes, drivers must have a FasTrak transponder. Each transponder has three settings:
1) Solo Driver
2) 2 person carpool
3) 3+ person carpool
The cost of the toll depends on the level of congestion (the more congestion, the higher the toll) and the length of your trip. Those who carpool, vanpool or use motorcycles will not be charged for using the ExpressLanes. Tolls are dynamic to discourage the use of the HOT lanes during high congestion periods and to encourage ridesharing. During peak levels of congestion, ExpressLanes will only be available to HOVs. You can find more details on pricing on this PDF from Metro.
More details about the project are forthcoming. Meanwhile, take a look at Metro's ExpressLanes FAQ.