At the current rate of technology development, it's possible that LED replacements for 60-watt incandescent bulbs could drop below $10 LED Lamp by the end of this year, said Mark Swoboda, LED Bulbs the president of LED maker LED Fluorescent tube light Bridgelux.

Although technically feasible, that six- or eight-fold price drop is not likely to happen. Swoboda figures that price could only be reached in the case of a lighting company selling directly to a customer.

One of Bridgelux's coin-size arrays, which are designed for a range of lighting applications.

(Credit: Bridgelux) Still, prices are falling and efficiency is improving. Bridgelux on Wednesday is set to introduce a line of LED arrays which can be used in different applications, such as household lightbulbs, down lights, and street and commercial lighting.

With the new line of LEDs, the amount of light per watt has improved by over 30 percent in the past year and the costs have fallen between 10 percent and 30 percent, Swoboda said.