Nest has announced a new and more affordable version of its smart thermostat, called Nest Thermostat E.

“We set out to create a simpler, more affordable thermostat,” Nest’s Maxime Veron explains. “One with the same energy-saving features people have come to expect from a Nest Thermostat. But with a friendlier, streamlined design that fits into any home.”

Nest Thermostat E—I’ll just use the friendlier Nest E—looks a lot like its more expensive sibling, the Nest Learning Thermostat. But it features a frosted display that I think is more friendly-looking and less techie. More to the point, it’s a lot less expensive: Where the Nest Learning Thermostat clocks in at about $250, the Nest costs just under $170.

The Nest Learning Thermostat retains some advantages over its cheaper new stablemate, including a more premium design, a higher-resolution display, and four color options. But the Nest E provides most of the same functionality, and it provides the same energy savings.

“Like the Nest Learning Thermostat, it turns itself down when you’re away, so you don’t waste energy heating or cooling an empty home,” Veron says. ” You can control it from anywhere with the Nest app. Based on typical energy costs, we’ve estimated average savings of $131 to $145 a year, which is great for a thermostat with a suggested retail price of $169.”

Also, Nest notes that over half of U.S. households may be eligible for a rebate from one its energy partners, helping Nest E pay for itself even more quickly.

Given my ongoing home tech makeover efforts, I’m particularly interested in this new version of Nest, though I’m not sure yet if our current heat/AC systems are compatible. So I’ll be looking into that.

You can find out more about the Nest Thermostat E from the Nest website.

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