20-year LED lightbulb

Dutch electronics giant Philips introduced their award-winning 20-year LED lightbulb to U.S. markets recently and is working with suppliers to cut the 10-watt bulb's current $50 price tag in half over the next year. But even at that price, LED lights faces serious competition from $1 incandescent lightbulbs and CFLs (compact-fluorescent bulbs), which normally retail for around $5 and can last for up to 10,000 hours.