Apple as finally confirmed what hundreds of rumors have been talking about: the iPhone 5C. Announced earlier today at the Apple Keynote event in Cupertino, California, the new iPhone will feature several new factors that the tech giant has never tried before.

So what can we expect from this colored iPhone? Here's a low down.

Design

The budget iPhone, as it is dubbed, will feature the same sleek smartphone but with a ton more color. Following the rumors, the iPhone 5C does stand for iPhone 5 "Color". All previous iPhones have come in either black or white, but the 5C comes five different hues: green, blue, yellow, pink and white.

"Color reveals your personality. iPhone 5c, in five anything-but-shy colors, does just that," the official site of Apple wrote.

Aside from the color, Apple also made the 5C's back cover plastic because "the rich and particular color we wanted to infuse into iPhone 5c simply wasn't possible with metal." However, it noted that the phone is built around a steel-reinforced frame to make sturdy.

Features

Inside the phone are specs that can be seen in the current iPhone 5. It features an Apple-designed A6 chip that is energy efficient enough to offer 10 hours of LTE browsing time or 10 hours of talk time or 10 hours of video playback, notes Apple.

The 5C is also packed with an 8-megapixel iSight camera with a five-element lens and panorama feature. Much like the iPhone 5, it will also offer 720p video recording. The phone will also come with a new camera app that follows the idea that has made Instagram a huge hit - shoot images in square format and choose from the eight filters available.

It also offers LTE wireless browsing with up to 13 LTE bands - the most in any single model smartphone.

A new feature added to the phone is the FaceTime HD camera which has larger pixels and improved background illumination sensor for more crisp video resolution.

iOS 7

The new smartphone will also come with the new Apple operating system, the iOS 7. It features a more vibrant interface yet with cleaner and simpler icons.

"The world's most advanced mobile OS is the perfect companion to the most colorful iPhone yet," the site described.

iPhone 5C Case

Apple also offers new cases for the phone which comes in six different colors, allowing users to create 30 different coo combinations for their phone. The case is made from silicone for a good grip, but  offers soft lining for the phone with a microfiber lining inside.

Price

The iPhone 5C will be released for carriers AT&T, Sprint, T Mobile and Verizon starting at $99 for the 16GB with a contract - this is the first time that Apple will be featuring a phone with a starting price point lower than $100. The 32GB version will be available for $199 with a two-year network contract.

The iPhone 5C will be released on Sept. 20, together with Apple's other iPhone - iPhone 5S.