Nest is launching a redesigned thermostat that costs $80 less than the original

Nest is trying to reach the masses with its newest product.

The Nest Thermostat E, which launches Thursday, is a lower-cost, easier to use version of Nest's flagship thermostat.

The E is Nest's first new product since May, and the first totally new thermostat since 2011.

The Alphabet-owned company has been working on the new product for the past two years.

"Really what we want to do is talk to another kind of customer," Maxime Veron, Nest's head of product marketing, told Business Insider at a briefing about the new product.

"We believe the Nest Learning Thermostat is amazing for the top of customer food chain, versus the more mass-market customer who wants something more approachable that doesn't stand out on the wall as a piece of design - something that just blends in and does its job."

Here's what's different with the Nest Thermostat E:

• A new look. Unlike the original Nest Learning Thermostat, the E is almost entirely white. It has the same shape and general design, but is meant to look less obvious.
• A new display. While the high-end Nest has a bright, LCD screen, the E has a frosted display. Veron said the look of the display, which has blue or orange text that will glow slightly when the display is on, was inspired by watercolors. When the display is off, the screen will just look gray.
• Pre-set scheduling. Rather than having to build your schedule over time by have the thermostat learn your habits, the E will have a built-in schedule out of the box. But there's still an option to have it learn your schedule if you prefer.
• Lower cost. While the original costs $249, the E will cost $169.

The new thermostat will have many of the same features as the original. Users will still be able to control the temperature when they're away using the Nest app, it can still be controlled with voice assistants like Google Home or Amazon Alexa, it will automatically turn off when it notices no one at home, and homeowners can get a rebate for installing it.

Nest Thermostat E costs $169 and will be available in Nest's online store starting Thursday.