Royal Philips Electronics has launched an LED bulb that will be mass-produced as a replacement for the common 60-watt light bulb.

Philips says the 12-watt Endura LED, which is the fruition of the LED prototype bulb the Dutch electronics giant unveiled in 2009, looks very similar to its historic predecessor in size and shape. But the bulb cuts energy use by 80 percent and lasts 25 times longer than the common 60-watt incandescent bulb.

The LED bulb will last 25,000 hours compared with the 1,000 hours that consumers normally get out of the average 60-watt incandescent bulb.

The company has submitted the bulb for the L Prize, a competition by the U.S. Department of Energy that asked entrants to "develop high-quality, high-efficiency solid-state lighting products to replace the common light bulb."

The bulb is set to go on sale by the fourth quarter. Pricing has not been announced. But given that LEDs are more expensive to make, the price tag will likely be significantly higher than that on a regular bulb.