June 26, 2008 - The Home Depot estimates that it will save $16 million in annual electricity costs when it switches to compact fluorescent lightbulbs (CFLs) in the light-fixture showrooms at its stores throughout the U.S. this year.

The home improvement retailer has also launched a nationwide in-store recycling program where consumers can drop off their old CFLs. (Home Depot Canada kicked off a similar program back in November.)

CFLs, though much more energy efficient than traditional incandescents, contain small amounts of mercury and so must be recycled under specific conditions.

CFLs are translating to big savings for retailers and other businesses that rely in plenty of lighting. New York's Grand Central Station, for example, says it is saving $100,000 a year in electricity costs now that it has completely converted to CFLs.

The U.S. last year passed legislation requiring the phaseout of incandescent lightbulbs by 2012.