At 20MB per database, you'd cover about 50 such databases in a single 1GB Azure database.
With the new database sizes, your next size up is 5GB, and your billing is amortized on a daily basis, based on the maximum storage used for a given day. So, for the times when you're under 1GB, you're billed at the 1GB rate ($9.99 per month / days in month). Once you exceed 1GB, you move to the 5GB tier ($49.95 / days in month). This would be considerably less expensive than having 50 1GB databases, which would run approx. $500 monthly.
To combine your databases, you'd need some type of customer id or instance id that you'd have to add to your tables, to provide your partitioning across tenants.
I saw another suggestion by knightpfhor about moving to Table Storage for cost savings. While Table Storage is less expensive than SQL Azure storage, that would likely be a major application change, as Table Storage is non-relational and doesn't have stored procedures or any other support you'd normally get from SQL Server. Adding a partition / customer key is much less invasive than a wholesale storage-layer rewrite.