(Photo: FOX News Network)

New parking meters that allow motorists to pay with a credit card may be turning into a cash cow for the city of Los Angeles.

The meters raked in $230,000 last month, far exceeding expectations, officials announced today.

Mayor Antonio Villaraigosa said the city's Department of Transportation had projected that the 10,000 Coin & Card parking meters installed over the last six months would generate $1-1.5 million in revenue each year.

However, in September alone -- before all of the new parking meters had been installed -- the system already generated upwards of a quarter-million dollars.

"Since we installed the first of these new meters in May, they immediately began earning their keep in the city of Los Angeles," Villaraigosa said. "By generating $230,000 in additional revenue in just one month, these meters are helping contribute to city finances while providing more reliable and convenient service to drivers."

Councilman Tom LaBonge, who -- along with the mayor -- presided today over the installation of the last group of parking meters on Temple Street near City Hall, said he wants to see the system expanded.

"I'm a huge proponent for easy parking in the city, and the coin and card meters simply makes parking easier," LaBonge said. "I'm interested in having more of these meters throughout the city."

The parking meters charge the same rates as under the old system -- $1-4 per hour, depending on location and time of day -- and accept Visa, Mastercard and American Express.

They were designed to replace just the top portion of the old system, and reuse the existing pole and base. They are more resistant to vandalism, use solar power, and can send technicians a wireless signal when needing repair.

Villaraigosa's associate director for transportation, Lisa Hansen, said the new meters have been operational 99 percent of the time, maximizing revenue potential and reducing the demand for technicians from the understaffed LADOT.

The new meters have also enabled the city to avoid buying -- and then having to dispose of -- the 40,000 AA batteries that the old system used to require.

Hansen said about 15,000 of the city's 40,000 meters have been upgraded to accept credit cards. The Coin & Card meters account for the bulk of them, but other systems are also in place.

LADOT Assistant General Manager Amir Sedadi said the department is preparing proposals to modernize additional parking meters.

In May, Casey Hernandez, with the mayor's press office, explained that the city will lease the Coin & Card meters from IPS Group for three years before taking ownership of them.

Under the deal, if the revenue from the parking meters is less than the monthly lease, the city will pay the lower amount, Hernandez said.