Many Americans are aware of the fact that 2012 will see a ban on incandescent light bulbs. In an effort to get ready for this ban, many of the lighting industry's leading manufacturers have been increasing their production of energy-saving light bulbs - like LED and CFL bulbs.

Now, technology giant Toshiba has taken the preparation for the ban to the next level by ceasing production of incandescent light bulbs. PC World reports that the company will now focus on the production of LED lights.

But other lighting leaders have been focusing on fine-tuning LED technology for months. For instance, Reuters reports that Philips has been perfecting its LED luminairecolor temperatures and working to offer consumers price reductions. Currently, Philips' "warm" LED bulbs cost $46 while "cold" ones cost $25. Philips hopes that by 2015 these LED lights will cost $4 and $2, respectively.

Osram Sylvania has also been investing heavily in its LED light production. The company hopes to have the price of LED bulbs down to just $10 in time for the incandescent ban.

Americans might find that LED bulbs - even those that still have a higher ticket price - could save them cash on energy costs. The efficient lights consume almost 90 percent less energy than traditional bulbs.