Previous Tech Pioneer Lemnis Lighting, a leader in LED technology, is introducing a new LED household light bulb that costs only $4.95 and is a greener version of the traditional household bulb.

The company claims that the majority of people will buy the LED bulbs online. Warner Philips, the co-founder of Lemnis Lighting, in a recent interview by Greentech Media, emphasized the importance of other channels such as government, retailers and utilities.

A recent US Department of Energy forecast predicts that LEDs will represent 76% of the general illumination market by 2030, but Lemnis predicts 80% market penetration of LEDs in general illumination by 2020.

The company argues that a typical 40-watt incandescent bulb costs about $5.69 a year to use at $0.13 per kilowatt-hour, three hours a day. The equivalent Lemnis 350-lumen bulb costs $0.85 per year in energy use and pays for itself in less than two years.

Philips says that the $4.95 bulb can be used over a bar or a kitchen island, for example, or in a bedside lamp. He claims that he has eight of the new 200-lumen units installed in his home. He also notes that there are 51 light points in the average home. Philips further states that the firm can make money, though “not a lot”, at the $4.95 price point on this, its fifth-generation product. Lemnis is selling the 200-lumen bulb through its website only, so there is no distributor or retail margin.

Read the full release here: