Often used in commercial or formal contexts to describe something as reasonably priced or economical. Carries a slightly more formal tone than 安い.
This store carries many low-priced products.
A low-priced version of the software is also sold.
This manufacturer offers high-performance products at a low price.
Inexpensive hotels aimed at travelers are increasing in number.
I purchased clearance items at a low price.
安価 and 廉価 are both formal written terms for 'low-priced', with 安価 being slightly more common in everyday business writing.
格安 emphasizes an exceptional bargain or great deal, whereas 廉価 simply describes a low or moderate price without that emphasis.
廉価 is a more formal, written term for a low price often seen in product names like 廉価版, whereas 安値 is the everyday and market-report term.
高価 means 'expensive' or 'high-priced', the direct opposite of 廉価's 'low-priced'.
廉価 describes a low price itself (an adjective/noun for cheapness), while 廉売 refers to the act of selling something at that low price.
Compound of 廉 (inexpensive, honest) and 価 (price, value). The kanji 廉 carries a sense of being reasonable and upright, which extends to the idea of a fair, low price.