NEW YORK (CNN/Money) - Unveiling a cheaper, albeit slower, broadband Internet service on Tuesday, telecommunications giant Verizon is hoping that people will hang up the phone and opt for a router.

The service, which Verizon labeled "entry-level," will cost subscribers $14.95 a month after they sign a one-year service agreement.

Compared with its high-speed package, which retails for $29.95 a month, the new DSL service is an attempt to win over customers who currently subscribe to a dial-up service to connect to the Internet, company officials said.

"We're breaking down the price barrier for people who want high-speed Internet service but have not had a place for it in their budgets," Bob Ingalls, president of Verizon's Retail Markets Group said in a company statement.

Under the new service, subscribers will have connection speeds as high as 768Kbps, which is almost four times slower than Verizon's high-speed service, which reaches connection speeds up to 3MB per second.

Shares of Verizon (up $0.08 to $33.21, Research) edged higher in afternoon trade on the New York Stock Exchange.

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