After spending the last four and half years solely focusing on producing Android handsets, LG has returned to the Windows Phone market with a new, budget smartphone exclusive to Verizon.

The LG Lancet isn't hugely exciting from a hardware or software perspective. It features a Qualcomm Snapdragon 410 SoC under the hood, alongside 8 GB of storage and a microSD card slot. The display is a fairly mediocre 4.5-inch 854 x 480 IPS LCD, which isn't too out of place on a sub-$150 handset.

Camera-wise we're looking at an 8-megapixel rear shooter with an LED flash, but just a VGA front-facing unit. Internally there's a 2,100 mAh battery, and as the device is designed for Verizon, it does come with support for CDMA and LTE networks, as well as HD Voice. Windows Phone 8.1 is pre-loaded on the Lancet out of the box.

The most attractive aspect of the LG Lancet is its price: just $120 outright, which is the same price as the similarly-specced second-generation Motorola Moto E. It's also available for $5 per month on Verizon Edge, or for $19.99 (for a limited time) on a two-year contract.

The LG Lancet won't be the only Windows Phone to join Verizon this month, with rumors suggesting the Microsoft Lumia 735 will join the network shortly. Meanwhile, Microsoft is holding off releasing a new flagship Windows Phone until after the release of Windows 10 Mobile.