Lighting technology has kept evolving over the last few years, and we believe we've finally reached a point where LED bulbs are a viable and cost efficient option. The average energy-saving LED light bulb costs about 35% more than its energy-saving CFL counterpart, but it lasts more than four times as long and uses a fraction of the energy required to power an incandescent. This is just for one bulb. Imagine what happens if you change all of your bulbs in your home...
A lot of homes are running CFL light bulbs now. It's true that they were very energy efficient compared to incandescent bulbs. However, in the last few years, LED light bulbs have taken the upper hand, in energy efficiency. We've compared a few different makes and models and it comes down to numbers. Basically, LED light bulbs are on average about 4 times more efficient than CFL bulbs. The initial cost has been reduced significantly over the last year. This means that you'll end up paying between $3 to $6 more per bulb.
If you buy LED light bulbs, the energy savings over its 50,000-hour life is around $200. For most CFL bulbs, this number is around $50. Most CFL bulbs will last you a couple of years, between 3 to 5 depending on your daily lighting usage. Most LED bulbs will last a lot longer. Conservative estimates for a 50,000-hour bulb put its life between 12 and 14 years.
1. Re-Imagined Alessi Light Bulbs: Three designers re-imagined Alessi light bulbs and this was the result.
2. What Are LEDs?: A quick and easy explanation about what LEDs are and why they are so important. You'll find LEDs in lighting, HDTVs, and laptops.
3. Overlamping: This is a strong argument against too many lights in your home. Too much light can be problematic.
4. Philips EnduraLED vs EcoSmart: A quick comparison between Philips and Home Depot's EcoSmart LED light bulbs.
5. Home Depot's EcoSmart LED Bulb: This bulb gives you an example of where the tech was about a year ago. This bulb lasted 25,000 hours and cost $40. This GE EcoSmart LED bulb costs $18 and lasts 50,000 hours.
(Images via Fearlessbit and Green Options)

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no.. its not time.. $50 per bulb.. even if they last 5 years is too much money.. go thru and count how many bulbs are in your house.. and then multiply by $50...
apparently jan 1, 2012 -- led bulbs will be required and ul lights wont be manufactured anymore.. so i would start stocking up now..
Newer LED bulbs are available at big box stores like Home Depot and Lowes for under $18 these days (I've seen them for $15 occasionally), and prices are continually dropping, so no need to horde incandescents: http://j.mp/khVvio
Check this Wikipedia article for incandescent phase-outs in your country/area: http://en.wikipedia.org/wiki/Phase-out_of_incandescent_light_bulbs
The US is state-by-state, with the first being California in 2018.
Even with the "phase outs", I'm sure they will still be the lighting of choice for most people for decades to come.
I was really pleased to see LEDs become more available. We have CFLs in a couple lamps and I haven't been thrilled with the light.
We've started phasing in LEDs now at home. Yes, they're more expensive. We just buy an LED when an incandescent burns out.
The best part about LEDs is that they make an equivalent for halogen MR13s. There wasn't even an option for this with CFLs so we get to keep our favorite overhead fixtures!
When I remodeled my Kitchen I used Cree LED can lights instead of traditional incandescent can lights. WOW. Nice warm colors. They last 20 YEARS! Each one emits light equivalent to a 75-90 watt incandescent yet uses only 11 watts. So when I have all 7 kitchen lights on they are using about the power of one traditional 75 watt kitchen can light. I couldn't be happier. They cost about $40 more than a traditional can light each so pricey but the kitchen joins the living room and the kitchen lights are always on when i am home.