October 2, 2013
Barrier-Breaking $10 Cree LED Bulb Now Even More Affordable with Utility Rebates
Cree Receives ENERGY STAR Qualification
-- As part of its ongoing mission to drive 100-percent adoption of LED lighting, Cree, Inc. (Nasdaq: CREE) has earned ENERGY STAR® qualification for the game-changing soft-white Cree® LED Bulbs. ENERGY STAR qualification signifies these Cree LED bulbs now qualify for incentive rebates through certain local utilities. Not only do the ENERGY STAR-qualified Cree LED bulbs look and light like traditional incandescent bulbs, use 84 percent less energy and last 25 times longer than typical incandescents, but now they will be even more affordable in select markets with utility rebates.
“ENERGY STAR qualification can enable the Cree LED bulbs to be purchased with an instant utility rebate, delivering consumers a quality LED bulb for under $5,” said Chuck Swoboda, Cree chairman and CEO. “Cree’s already affordable bulb combined with utility rebates makes switching to LED lighting an easy choice for consumers.”
Cree LED bulbs pay for themselves quickly and then pay consumers year after year. The energy-efficient bulb can pay for itself in less than a year when combined with the utility rebates.* Inefficient incandescent and compromise-laden CFL bulbs are currently installed in more than five billion residential sockets across the United States.** According to ENERGY STAR, if every American home replaced just one light bulb with a light bulb that's ENERGY STAR-qualified, we would save enough energy to light 3 million homes for a year, save about $600 million in annual energy costs and prevent 9 billion pounds of greenhouse-gas emissions per year, equivalent to those from about 800,000 cars.
Cree LED bulbs turn on instantly and are easily dimmable with most standard incandescent dimmers. The soft-white Cree LED bulb 60-watt incandescent-replacement consumes just 9.5 watts, while delivering high-quality light output of 800 lumens. The Cree LED bulb 40-watt incandescent-replacement in soft white delivers 450 lumens and consumes only 6 watts.
Please visit www.creebulb.com for more information on the Cree LED bulbs and to purchase online today.
* Based on $4.97 retail price (after utility rebates), on a 60W replacement at 9.5 watt, $0.11 per kilowatt-hour, 25,000 hour lifetime and average usage of 6 hours per day.
** IMS Research.
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting and semiconductor products for power and radio-frequency (RF) applications.
Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and solar inverters.
For additional product and company information, please refer to www.creebulb.com.
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that we may be unable to manufacture these new products with sufficiently low cost to offer them with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our new products; the risk that actual savings will vary from expectations; customer acceptance of LED products; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2013, and subsequent filings.
Cree® is a registered trademark of Cree, Inc.
ENERGY STAR® is a registered trademark of the U.S. Environmental Protection Agency.