President Obama announced Monday that he has asked Energy Secretary Steven Chu to work toward stricter government efficiency standards for light bulbs.

Coming just days after the House approved the first comprehensive energy legislation ever designed to mitigate the effects of global warming, the new initiative aims to help improve energy efficiency and save consumers money.

The White House says the new standards will save enough electricity between 2012 and 2042 to power every home in the U.S.  for up to 10 months, and will result in annual consumer savings of between $1 billion and $4 billion.