I’m replacing my old favorite LED lightbulb, the Philips 12.5 watt ambientLED, with their next generation L-prize bulb now that its finally less than $40 ($37) online.

Philips’s next generation bulb, which is based closely on the bulb that won the $10m government contest to create the future of lightbulbs. It’s called the L-Prize bulb, and it is more efficient at 9.7 watts instead of 12.5 watts than the bulb below; brighter at 940 lumens versus 800 lumens; has a much better light quality rating, and lasts 30,000 estimated hours instead of 25,000.

But let’s get this out of the way: It costs $37. LED lightbulbs aren’t cheap. But they are cost effective, lasting anywhere from 15 to 25 years, compared to about a year for regular bulbs. And they use one-fifth of the power that older bulbs require. In the long run, then, LED bulbs can save you hundreds of dollars by lasting longer and being more energy efficient.

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