While your local hardware store may be urging you to convert incandescent lights in your home to compact fluorescent lighting, researchers are hard at work developing the next bright thing in lighting — LEDs. Earlier this fall, the first entry to the Department of Energy’s L Prize competition was submitted by Philips Electronics. The competition offers a ten million dollar cash prize for the development of a LED lightbulb that would replace the common 60-watt ‘Edison’ style incandescent light bulb and the PAR-38 halogen reflector-lamp bulb. The winning entry must meet certain requirements for durability, energy efficiency, and quality. We’ll talk with the manager of the DOE’s LED lighting program about the competition and the drive towards more efficient LED-based bulbs.
Money is so intangible, its almost like a promise and a piece of paper.