As Americans get ready to say goodbye to the incandescent bulb for good, the Department of Energy announced it has awarded more than $37 million in stimulus funds to advance to the LED market, reports the New York Times.

The money will be given to major industrial lighting companies, including General Electric, Cree, Osram Sylvania, and Philips. Each institution will use the funds to research and develop projects that revolve around LED lights.

According to the source, this is the sixth round of Energy Department funding for solid-state lighting projects, but this is the first time the money has been awarded to improve manufacturing technologies. This is a new initiative that department officials hope will improve the energy-saving light bulbs' quality and cost, thereby accelerating the adoption of LEDs.

"These solid-state lighting projects will help us significantly cut our energy use, reduce our carbon footprint and save money," Energy Department secretary Steven Chu said in a statement.

Hopefully, the grant will lower the price of the technology enough to make the initial purchase cost well worth the ultimate energy bill savings.

Reportedly, many Americans are hesitant to buy the bulbs because of their current sticker price. This is something industry leaders - and, now, the Department of Energy - seek to change. Experts at Osram Sylvania hope to offer the bulbs for just $10 in time for the 2012 ban on incandescent light bulbs.