I won't be changing from CFL's (Compact Florescent Lamps) to LED's (Light Emitting Diodes) anytime soon. I currently have 48 CFL's installed in my home. They cost me, on average, $2.67 each, last more than five years, and use 75% less electricity than standard incandescent bulbs.

LED's, on the other hand, are not yet available as standard-base light bulbs in my area, are only slightly more efficient, and are projected to cost between $30 and $60 each. I'm not sure how long they will last and no one else does either because they are just starting to come on the market.

I'm more of a natural light type of guy so I rarely use bulbs during the morning.  For night time, I agree with Timetrvlr because I use them as well.  But I'll soon make the switch to LEDs.

Often the decision to buy one product over another is based on price - but there is danger to this. Yes, LEDs are more expensive because top quality LED lights are manufactured using quality materials, are far more complex to manufacture, contain electronic components, are actually 100% green and totally safe to use, contain no mercury, give off no UV radiation and can be reused and recycled.

CFLs on the other hand contain mercury to product their light – and we all know that mercury is linked to cancer. CFLs give off plenty of heat, often produce UV radiation, and generally, I find at least, produce a poor quality light. LEDs will use under a tenth of energy required of incandescent and halogens and are far more energy efficient than CFLs. Again, becuase CFLs product heat when creating light, they are still technically energy inefficient. LED create no heat that you can feel with your fingertips – even if they’ve been on for days.

When it comes down to quality, LEDs are the superior light hands down. TimeTrvlr - the cost of LEDs has come down dramatically since your estimate of between $30 and $60 USD. You can pick up top quality LED light bulbs now that will replace 60W incandescent bulbs for under $20. It's worth switching to LEDs if you truly want to be green, forward thinking and ultra energy conscious without having to worry about anything other than simply turning your lights on and off. 

Here's a great article on the dangers of using CFLs - no jokes.

Since this thread is a little older I thought I'd bump it - I'm not sure how many people are aware of how LED bulbs are really coming on strong and how much their prices are falling.  It may be that they really take on CFLs in price and popularity soon, and it may be hard for those in government who opposed CFLs (using mercury arguments) to find similar complaints against LEDs...

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Green Home Energy Today

I would love to make a switch to LED light bulbs, but let's face it, to the average consumer looking to replace a number of bulbs in their home, even a $20/ bulb cost adds up incredibly fast. I've heard the light quality is a lot better, but when you consider initial purchase investment + running costs, it will easily take you more than five years to earn back your money from the LED bulb. Are they greener? You bet! Are they higher quality? No doubt in my mind. But are they worth the investment? I'm not too sure about that one yet. I challenge you to change my opinion. Show me some hard facts and figures that prove their worth over 8 times the price of other bulbs.

I am in the business of electrical appliances and know that LEDs are the best power saver. My preferred choice is LED.