Getting the best in energy efficiency is often restricted by higher price tags. Philips, makers of some of the most popular LED bulbs, is working to change that. The brand recently introduced a 60 Watt Soft Light Equivalent LED bulb that is being sold by major retailers for under $5, making the best in energy-efficient lighting also among the most affordable.

The bulb, which is introduced in partnership with Home Depot, is a Philips Everyday 8.5-Watt LED, which is equivalent to a 60W incandescent. It has an estimated brightness of 800 lumens and an estimated annual energy cost at just $1.02. Compared to its incandescent counterpart, that's an 85% reduction in energy use, according to the retailers.

The bulb is marketed as best for common indoor spaces like living rooms and kitchens as well as table lamp fixtures. The estimated lifespan of the bulb, like most Philips LEDs is about 10,000 hours, giving years of life to the bulb.

Most important about the product is the price tag. The bulb is temporarily being offered in a 2-pack for under $5. This makes going LED an obvious decision, even for those who would not choose the bulb for its reduced energy costs. It also makes new construction with LEDs far cheaper for builders, incentivizing efficiency from the start, especially if this sparks rapid price drops among other LEDs.

Affordable efficiency, just in time for Earth Day.