The $60 LED light bulb is coming down in price – just in time for Earth Day. The bulb's manufacturer and select utilities on Sunday are starting rebates of up to $25, but they still need to convince folks that it’s worth paying upfront to save over time. The pitch: the 10W bulb will last 30,000 hours and save some $165 over its lifetime compared to a similar 60W incandescent -- plus it's just as bright. The odd-looking bulb (watch the video above for a demonstration) was unveiled last year and word then was that it'd cost around $60. But the electronics conglomerate Philips this week said its brainchild would be on store shelves with a $50 MSRP, less an instant $10 rebate. On top of that utilities will have rebates of $15-$25 starting on Earth Day. But that's still at least 15 times more expensive than incandescent bulbs, which are being phased out by a Bush administration law because of their inefficiency. The LED bulb did win a $10 million federal prize for lighting efficiency last year. But it was also the only entrant and the Department of Energy contest requires that the winning bulb be sold for $22 or less in its first year on the market. Phillips, for its part, is bullish on its bulb. "Because the new bulb is 83 percent more energy efficient than the standard 60-Watt incandescent, consumers can now experience new savings for their pocketbooks," Philips North America executive Ed Crawford said in a statement announcing the rebates.