SOMERSET, N.J. (NewsCore) - In honor of Earth Day, electronics giant Philips launched a super-efficient LED light bulb with a price tag of $60 and a lifespan of up to 20 years.
The initial cost is more than 10 times the price of a traditional incandescent bulb. But Philips' new product promises to save consumers over $165 dollars during its 30,000-hour lifetime.
"With LED bulbs, we are looking at a wholesale change in buying lighting technology, going from a disposable good to a durable good," Philips North America executive Ed Crawford said in a statement.
"Consumers are no longer looking at a product that will last just six months to a year, they are looking at a product that is much more efficient and will be with them for decades," he added.
Philips additionally claims that if every 60-watt incandescent bulb in the US was replaced with its 10-watt bulb, the nation would save $3.9 billion in one year and slash carbon emissions by 20 million metric tons, or the equivalent to removing nearly four million cars from the road.
In phasing out traditional incandescent bulbs, LED bulbs face their biggest competition from fluorescent bulbs, which cost less. However, fluorescent bulbs contain toxic mercury and can be hazardous when broken or discarded.
Philips is partnering with several US retailers and utilities to offer rebates that make the bulb available to consumers for as little as $25.