Philips is about to launch the most affordable 60-watt equivalent LED bulb, set to only cost $4.97. Philips partnered with The Home Depot for the bulb to go on sale in May as a 90-day, two-for-one promotional pack.
It will be available in 2700K and 5000K color temperature options.
The LED bulb is much cheaper than others currently on the market. Similar 60-watt equivalent LED bulbs range from $8 to $13.
“We continue to look for ways to bring the latest innovation at great prices, and the new Philips LED A19 is an example of that,” said The Home Depot’s Joey Corona.
“This price brings all the benefits of LED in a great quality bulb to a level everyone can afford and benefit from.”
Philips hopes that the affordable bulb will expand the LED market.
“[Philips] has continued to innovate and drive affordability and choice in the consumer LED market,” Philips Lighting Americas President Amy Huntington said.
“However, we also understand that quality LEDs should not be a luxury or something that only those that live in areas with robust utility rebate programs can afford.”
“With this bulb,” Huntington continued, “consumers have a quality, day-to-day option for any area in their home that is as good for their wallet as it is for the environment.”
The low cost LED bulb will also prompt other companies to more competitively price their products, meaning that it should not be long before other brands also launch low-cost LED bulbs.
The average cost of the Philips’ 60-watt LED is around $1.02 per year and it is said to provide 10-years worth of illumination.