New light bulb will last 20 years, but priced at $60

This product image provided by Philips shows a state-of-the-art LED light bulb. The bulb is the most energy-efficient yet, lasts about 20 years and is supposed to give off a pleasing, natural-looking light. But what separates it from the pack most is the price tag: $60. (AP Photo/Philips)

NEW YORK — How much would you pay for an amazing, state-of-the-art light bulb? Shoppers will be asking themselves that very question at Home Depot and other outlets starting Sunday — Earth Day — when the bulb that won a $10 million government contest goes on sale.

The bulb is the most energy-efficient yet, lasts about 20 years and is supposed to give off a pleasing, natural-looking light. But what separates it from the pack most is the price tag: $60.

That’s the price that reflects the cost of the components, especially the top-notch chips, or diodes, that give off the light, and that’s the price commercial customers will pay. But the manufacturer, the Netherlands-based Philips, is discounting it right away to $50 for consumers, and working on deals with electric utilities to discount it even further, by as much as $20 to $30.

This means the bulb will cost anywhere from $20 to $60, depending on where it’s found. Online, consumers will be paying $50 for each bulb, because utilities don’t subsidize online sales.

Congress launched the L Prize contest in 2007, with the goal of creating a bulb to replace the standard, energy-wasting “incandescent” 60-watt bulb. The requirements were rigorous, and Philips was the only entrant. Its bulb was declared the winner last year, after a year and a half of testing. The contest stipulated that the winning bulb be sold for $22 in its first year on the market.

In that context, the $60 price tag has raised some eyebrows. Ed Crawford, the head of Philips’ U.S. lighting division, said it was always part of the plan to have utility rebates bring the price down to that range.

The bulb uses only 10 watts of power, meaning it saves about $8 per year in electricity if it’s used four hours a day. It’s expected to last at least 30,000 hours. At four hours per day, that’s 20 years.