One of the critical factor that was not letting LED light bulbs enter main stream market was its price. Its not very expensive but certainly not any cheaper than the ordinary bulbs. Cambridge University researchers have developed a very cheap LED bulb that consumes less energy and can last up to 60 years. These LEDs are gallium nitride based bulbs that are more energy efficient than incandescent and compact fluorescent bulbs as well. The GaN (Gallium Nitride) is grown on silicon wafers instead of costly sapphire wafers that reduces the cost of LED product dramatically, as low as $3 in this case.
Manufacturers have already begun work on producing prototypes. The low cost LEDs are expected to hit the market within 2 years and will pave the way for ultra low energy consuming lighting products and perhaps a whole new series of products built using the new technology from Cambridge University.
via Cambridge News