We discuss the nature of the redshift effect by assuming that the frequency and the speed of light decrease in time while it propagates from a stationary source of light relative to a stationary observer. This concept differs in a principal way from the modern model of the redshift effect, which states that the observed increase in the wavelength of emitted light from far-away objects is due to cosmological expansion of the universe. Precisely, an increase in the distance between a light source and the observer over time leads to the Doppler effect and as a result the redshift effect. We introduce a completely different explanation of the redshift effect: that the observed shift in the frequency does not arise as a result of the Doppler effect, but rather the “aging” of light: precisely the decrease in the photon’s energy over time emitted by a stationary source to a stationary observer. In this case, as will be explained later, there is a need for an additional condition—a decrease in the speed of light as time passes. It can be assumed that if the fundamental physical constant c depends on time, other fundamental physical constants are also dependent on time.