Earth Day: US introduces $60 LED energy-efficient light bulb

Light bulb manufacturer Philips put its new energy-efficient LED light bulb on sale Sunday, Earth Day.

The $60 bulb lasts about 20 years and is supposed to give off natural-looking light but it comes with an expensive price tag, the Associated Press reported.

According the BBC, the bulb "swaps filaments for light-emitting diodes to provide illumination." The components cost a bit more to produce than the average bulb.

A cheaper, less efficient version is already on sale in Europe.

Dutch electronics giant Philips is discounting it right away to $50 for consumers and additional deals mean some could sell for as little as $20, the AP wrote.

The Philips LED light bulb won the government’s L Prize, a $10 million contest to replace the traditional incandescent bulb in 2007. The contest stipulated the winner had to be sold for $22 the first year, TIME reported, which has some raising their eyebrows about the hefty cost.

Ed Crawford, the head of Philips’ U.S. lighting division, told TIME the plan was for the rebates to bring down the price to $22.

More from GlobalPost: Kenya's Kipsang, Keitany win London Marathon