Amazon revealed its excitement over the “promise of ambient computing” by opening its fall hardware event with a new smart thermostat. Like the ones we’ve seen from Nest, it will automatically adjust your indoor environment when it detects that you’re home and based on other learned preferences. Amazon has built up Alexa’s ability to act on “Hunches” over the last few years, and the thermostat relies on a deep connection with the AI assistant’s smarts to understand what it should do and when.

Integrating smart features like Alexa routines and presence detection at its price means that it’s not only poised to undercut more expensive products like the $130 Nest or Ecobee’s $250 option. It’s even cheaper than value-priced smart thermostats like this Wyze thermostat that is generally available for about $80.

Image: Amazon

And it may be even cheaper in some cases. Amazon claims that “after applying utility-provider rebates, eligible customers can get Amazon Smart Thermostat for $10, and sometimes, for nothing at all.” However, bundling a C-Wire, or common wire, adapter kit pushes the price up by $15 to $74.99.

The company says it developed the new device in partnership with Resideo, the makers of Honeywell Home smart thermostats. Amazon also confirmed it’s ready to work with most existing 24V HVAC systems.

Preorders for the $59.99 Amazon Smart Thermostat are open now, with a listed release date of November 4th.