Anyone who thought turning over the nations light bulb management to the Federal Government was a good idea is unsurprisingly eating crow today. The $10 million (taxpayer $$) award for a ‘green’ but affordable LED light bulb went to Phillips. They developed and built it, now the bulb is ready to hit the market -- for a cost of $50.
"There's a story today in the Washington Post about a Florida factory of LED bulb manufacturers. Okay? And it's a new green company and they've just won the $10 million prize from the government. These are $50 light bulbs, $50 light bulbs," Glenn explained.
Glenn said that the manufacturer is trying to position this as the "cadillac" of light bulbs, hence the premium price.
"Could you give me a box of the cheap ones, please? It's a light bulb, for the love of Pete. It's a $50 light bulb," Glenn said.
"The good news is you're helping pay for it. You're subsidizing the $50 light bulb," Glenn said.