For those consumers who feel they are spending too much for cable television channels they don’t use, Time Warner Cable (NYSE: TWC) may have the perfect solution.

Time Warner will begin offering a new lower-priced television package titled “TV Essentials,” which won’t carry ESPN, Comedy Central, TNT, Fox News, MSNBC, Fox Regional Sports Networks or MSG.  The new package will be offered Monday in New York City for $39.95 a month and in northern Ohio for $29.95 a month.

The reduced package is aimed at lower income customers who have cut their cable packages altogether due to rising prices and extraneous channels.  Time Warner hopes the new reduced-cost package will give customers a more affordable option, and prevent them from cutting their cable television outright.

The new bundle will still contain local broadcast and major broadcast stations, and 12 of the top 20 highest rated cable networks.  The drop in price is dramatic; Time Warner’s standard cable package costs consumers approximately $50 a month, depending on market.  Digital cable customers have been shelling out as much as $60 a month.

While 2010 hasn’t been awful for TWC, it certainly hasn’t been a year to write home about.  The stock is up 4.5% year-to-date, and is currently trading at $30.51 with a 52-week range of $26.43 to $34.07.

A major competitor to Time Warner, Comcast

(NASDAQ: CMCSA) has had a much more successful year, up 21.7% year-to-date.  It will be interesting to see if Comcast follows suit and rolls out a reduced channel package as well.

TV Essentials may be the perfect fit for those disinterested in sports.  ESPN and regional sports networks are some of the more expensive channels for service providers to carry, and will be left out of the new bundle.  Likewise, diehard Knicks fans might want to avoid the new package as the Madison Square Garden Network will be left out of the bundle.

“It’s no secret that the most expensive programming is sports, and so in an effort to create a package that’s less expensive, we’ve attempted to craft a bundle for people who may not want access to all the sports programming out there,” Time Warner CEO, Glenn Britt, said. “Our market research says there are clearly people who are not big sports fans.”

While Time Warner’s supposed solution may work for some customers, it will alienate those with high definition televisions and digital video recorders.  All HD programming is left out of TV Essentials, as is the ability to DVR any programming.  Those looking to record their team’s game in high definition next Sunday will not be purchasing TV Essentials.

And those who opt into the new subscription will be unable to bundle their television programming with their Time Warner broadband Internet service and telephone service, like standard customers can.

While the new option may not suit everyone, it seems perfect for those customers who only utilize a few channels.  Instead of paying an expensive monthly rate for dozens of channels that go unwatched, these customers can get fewer channels for a more economical price.

If the new programming is a success, Time Warner will begin rolling out TV Essentials nationwide next year.