Republic Wireless has announced its plan to offer Motorola's newest smartphone, Moto X, for $299 without contract and with plans starting at $5 per month, Yahoo! News reported Thursday.

Republic Wireless, the mobile carrier with very affordable unlimited plans is to finally launch a top-notch smartphone under its name. The upstart service provider that combines traditional cell coverage with Wi-Fi calling and texting, announced today that it will be offering Moto X for $299, with plans that run anywhere between $5 and $40 per month.

The announcement has sparked the interest of many tech blogs including Gizmodo, which published an article about the announcement right away titled "The Cheapest Unlimited Plan Finally Got a Truly Great Phone."

Moto X reportedly scored high and received all positive reviews upon its release last month for $350, a non-contract price that's cheaper than its unlocked developer edition.

Although other major carriers are also offering Moto X with a two-year contract, with Sprint being the least expensive at only $99, Republic Wireless' offer is definitely more appealing than costly service agreements from AT&T, Sprint, T-Mobile, and Verizon.

Wireless Republic's Wi-Fi plan follows a distinct mechanism, wherein true mobile connectivity isn't actually what the carrier gives its clients rather a virtual service that operates through Wi-Fi only, but in the absence of Wi-Fi, the network automatically defaults to Sprint.

Price plans under the mobile carrier will start at just $5 a month, which is already enough to give clients adequate voice and data over Wi-Fi only. On the other hand, ramping all the way up to $40 per month will cover packages that include VoIP with Sprint's 3G and 4G services.

Republic Wireless' plans are said to be very common among people who primarily stay at home and at work, in places where there is reliable Wi-Fi connectivity. The mobile carrier is relatively tiny compared to other U.S. carriers such as Verizon, AT&T, and Sprint in terms of mobile market share.

However, many believe that with this new offer that features a more premium smartphone, the Moto X, Republic Wireless may be a step closer towards obtaining a bigger share all thanks to its wallet-friendly plan.