A new super-energy-saving light bulb that has a life spanning up to o 20-years went on sale on Sunday, in conjunction with Earth Day 2012. 

The award-winning 10-watt LED light bulb produced by Philips electronics aims to act as an alternative to the traditional 60-watt incandescent light bulb. 

When used for up to 4-hours a day, the light bulb can last up to two decades, according to the company. 

The light bulb comes with a steep price-tag of $60, but Philips claims that the energy saving capacity of the bulb equates to about $165 over its lifetime, Agence France Presse reported. 

The bulb is 83 percent more energy efficient than the standard 60-watt incandescent, said Philips' North America executive Ed Crawford .Philips has struck deals with some electronic retailers, bringing the price down by up to $20, according to the BBC.  

Philips hopes their light bulbs can help to phase out the energy sucking alternatives.  Consumers are no longer looking at a product that will last just six months to a year, they are looking at a product that is much more efficient and will be with them for decades, Crawford said. 

With LED bulbs, we are looking at a wholesale change in buying lighting technology, going from a disposable good to a durable good, he added.

The light bulb was released on International Earth Day to highlight the bulbs environmental benefits.  Philips claims that the nation would save about 35 terawatt-hours of electricity or $3.9 billion in one year if the new bulb replaced all 60-watt incandescent bulbs, the AFP reports. 

The switch would also avoid 20 million metric tons of carbon emissions, according to the company.

Philips won the U.S government's L. prize for its new bulb.