The North Carolina based company Cree Inc has unveiled a new energy-saving LED Light bulb that looks and even functions as an incandescent. Cree calls its new product "the biggest thing since the light bulb" with its 25,000 hour life which look like traditional light bulb although can save up to 84% in energy.

Cree’s Vice President of Corporate Marketing Mike Watson has said that the traditional look of the LED light bulb is the vital key to the success and appeal of their new product.

"Consumers are fairly confused and frustrated. They have a product that they really like. The incandescent bulb has been around for 130 years," he said. “Backed by our 10-year warranty, Cree LED bulbs are powered by Cree LED Filament Tower Technology for beautiful, omni-directional light in 2700K and 5000K color temperatures.”

Cree's bulb is 84 percent more efficient than an incandescent and on par with other LEDs on the market. It has a life of 25,000 hours.

The new product has been given a thumbs-up by rating agencies like UBS, Credit Agricole and Goldman Sachs.

UBS said in a statement that the $10 mark was crossed a year earlier than expected.