Phillips has introduced a 12 watt LED bulb that could eventually replace the ubiquitous 60 watt incandescent bulb.
According to SustainableLifeMedia, the EnduraLED boasts an expected life span of 25,000 hours and offers 80% energy savings compared to traditional 60 watt incandescent bulbs.
"In the United States alone, more than 425 million 60 watt lamps are sold every year, which accounts for 50% of the incandescent bulb market," explained Thomas Miner of SustainableLifeMedia.
"Philips calculates that converting these to LED could potentially save 32.6 terawatt hours of electricity annually - enough energy to power the lighting in 16.7 million homes."
Miner added that the EnduraLED works with standard dimmers and delivers the "same soft white light" that most consumers are accustomed to.
But how long will it take for LED bulbs to replace the beloved incandescent?
Well, PolyPhotonix CEO Richard Kirk told Reuters that LED bulbs would not become a mass consumer item for some time.
"You won't see bright, lower-cost LED bulbs in homes for another three to four years," said Kirk.
"The big goal is the $100 billion lighting market, but to get there you have to go through the niche markets, such as architectural lighting, design opportunities, automotive."