Is Tuesday, March 5, 2013, the day that will be remembered as the one in which Cree cracked the consumer lighting cost barrier and gave millions of people the justification they need to make a switch?

Could be.

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At a cost of $10 and backed by a 10-year warranty, the Cree bulbs are going on sale exclusively at Home Depot.

Today’s announcement os so important that Cree (Nasdaq: CREE) Chairman and CEO Chuck Swoboda is in New York City today briefing analysts on what the company is shamelessly hyping as the “biggest thing since the lightbulb.”

In fact, they’ve trademarked that phrase.

The news has already affected Cree shares as investors have jumped more than 7 percent in pre-market trading to a new 52-week high of $48. Shares were up $3.28 just before 9 a.m. The previous high was $46.88.

Shares climbed even higher after the opening, jumping more than 10 percent to $49.88. By 10 a.m., shares were red hot, up nearly 13 percent at $50.72.

Shares continued climbing, hitting a peak of $52.35. They finished the day at $51.16, up $6.44.

Trading was extraordinarily heavy with 13.7 million shares changing hands. The daily average is 1.98 million.

Helping drive the gain was Cree’s increase in guidance that it also announced Tuesday.

Cree noted tha tevenue for the fiscal third quarter ending March 31 will be from $335 million to $350 million, up from a January forecast of $325 million to $345 million. The average estimate of 25 analysts surveyed by Bloomberg is $336 million, Bloomberg news reported.

Cree also raised its earnings target to 31 cents to 36 cents a share, from 30 cents to 35 cents, compared with the 33-cent average estimate, Bloomberg added.

While Cree has emerged as a global player in the light-emitting diode market and is now a $1 billion company, it like other LED manufacturers have made little headway in consumer markets.

A primary negative simply has been the high costs of LED bulbs vs. traditional incandescents, even so-called CFLs.

But at $10 a bulb combined with the promise of a l-o-o-o-n-g lifespan and promised energy savings (84 percent, Cree says), Cree could a home run on its hands.

(Note: A quick check of some websites finds another LED bulb available for $9.97 from EcoSmart. Other brands were $20 or more.)

Importantly, Cree also says the new bulbs “shine as brightly as comparable incandescents,” thus they say overcoming another consumer complaint. They also offer “warm” light.

“The Cree LED light bulb was designed to offer consumers a no-compromise lighting experience at a compelling price,” Swobod said in announcing the new bulb.

“Over the last couple of years we recognized that the consumer is instrumental in the adoption of LED lighting, but we needed to give them a reason to switch,” he added. “We believe this breakthrough LED bulb will, for the first time, give consumers a reason to upgrade the billions of energy-wasting light bulbs. We could not think of a better way to get this bulb into consumers’ hands than through The Home Depot, a visionary partner who embraces innovation.”

Cree is offering a range of bulbs:

A 40-watt replacement for $9.97

A 60-watt replacement for $12.97

A 60-watt “day light” replacement for $13.97

Not cheap, obviously, but a heck of a lot more affordable for Ma and Pa consumer. 

According to Cree, making a household-wide switch to its new bulbs could save $61 a year on electricity.

So maybe in a couple of years you get full payback on the bulbs – with eight years of no replacements?

Sounds like the kind of deal consumers have been waiting for.