March 13, 2012 – On March 9, 2012, Philips Lighting North America issued a statement in response to ‘various erroneous media reports’ about the retail cost of the L Prize lightbulb:

“We are proud to have been a part of the L Prize, a competition that pushed the lighting industry to new limits and that tested a technology still in its infancy,” stated Ed Crawford, CEO of Lamps, Lighting Systems and Controls for Philips Lighting North America. “The L Prize served as a catalyst to develop highly efficient LEDs and sparked a race to market a high quality 60-Watt alternative to the 60-Watt incandescent. As a result of this newly developed technology, Philips was the first company to market a commercially viable 60-Watt LED alternative. Consumers are now benefitting from these advances in lighting technology by experiencing several available LED lighting options in the marketplace that can trace their roots to the L Prize.”

“The ultimate price – versus the MSRP – of the L Prize bulb will arrive through a partnership between the manufacturer and utility partners across the country. The target price of $22, as originally outlined in the competition parameters, will be achieved through utility rebates of up to $30 through in-store purchases once the L Prize bulb is available to consumers next month.”

“At that time, consumers will have access to the most energy-efficient and brightest bulb available – lasting more than 30,000 hours and saving consumers roughly $165 over the life of the bulb.”

In 2008, the U.S. Department of Energy challenged the lighting industry to participate in the Bright Tomorrow Lighting Prize (L Prize) competition and develop high performance, energy-saving replacements for conventional lightbulbs. In August 2011, the department announced that Philips Lighting North America had won the 60-watt replacement bulb category.