Abstract: Energy-conserving window blinds are provided. The blinds are fabricated from coupled and adjustable slats, each slat having an insulation layer and a reflective surface to face outwardly when the blinds are closed. A range of desired light and air transmission may be selected with the reflective surfaces of the slats adapted to direct sunlight upward toward the ceiling when the blinds are open. When the blinds are closed, the insulation of the slats reduces the heat loss or gain produced by the windows. If desired, the reflective surfaces of the slats may be concave. The edges of the slats are designed to seal against adjacent slats when the blinds are closed to ensure minimum air flow between slats.