A low-emissivity (low-E) coating on a substrate (e.g., glass substrate) includes at least first and second infrared (IR) reflecting layers (e.g., silver based layers) that are spaced apart by contact layers (e.g., NiCr based layers), a layer comprising silicon nitride, and an absorber layer of or including a material such as niobium zirconium which may be oxided and/or nitrided. The absorber layer is designed to allow the coated article to realize glass side reflective (equivalent to exterior reflective in an IG window unit when the coating is provided on surface #2 of an IG window unit) silver color. In certain example embodiments, the coated article (monolithic form and/or in IG window unit form) has a low visible transmission (e.g., from 15-45%, more preferably from 22-39%, and most preferably from 24-35%). In certain example embodiments, the coated article may be heat treated (e.g., thermally tempered and/or heat bent).