Philips is offering a new 60-watt equivalent LED bulb that will retail at less than $5. Apart from the low price point, customers are getting not just one but two LED bulbs in a 2-in-1 pack within a limited promo period or while supplies last.

The new bulb from Philips is now the most affordable LED bulb to date. The company has partnered once again with The Home Depot in an aim to set the latest affordability standard for the LED bulb with a new lineup of products.

"This price brings all the benefits of LED in a great quality bulb to a level everyone can afford and benefit from," said Joey Corona of The Home Depot.

The new 60-watt equivalent LED bulb draws 8.5 watts and brings out 800 lumens, placing it on par with other LEDs where brightness is concerned. Likewise, it's also considered a little more efficient compared to competitors. According to Philips, the bulb has a life span of 10 years, which is notably shorter than the 20-year, or longer, life span of other LEDs.

This 10-year shelf life means that the LED bulb will cost only $1.02 to run every year, incurring a savings worth $62 over the bulb's full life span when compared to a traditional incandescent variant. Apart from the 60-watt equivalent, Philips is also offering other variants, such as the 60-watt daylight 5000k and the 100-watt A19 LED equivalents.

"With this bulb, consumers have a quality, day-to-day option for any area in their home that is as good for their wallet as it is for the environment," said Amy Huntington, president of Philips Lighting Americas.

Online shoppers can start purchasing through the shop's official site beginning in May.