Advantages of LEDsLEDs are one of the most energy-efficient lighting solutions in the world. High-quality LED lamps use at least 75 percent less energy than incandescent lamps and last 25 times longer. Although a new LED lamp costs more than an incandescent lamp, due to LEDs' energy-efficiency, switching from conventional lightbulbs to LEDs saves money in the long run.
Falling prices of LEDs contributing to growing adoption in the United StatesSince 2010, the price of LEDs has fallen dramatically, allowing a wider adoption of this lighting source. Although less steeply, the price of LED lamps is projected to continue falling well over the next three decades. While one kilolumen cost some 0.7 U.S. dollars in 2017, it is expected to drop to around 0.3 U.S. dollars in 2050. The price forecasts for warm light LED lamps and cold white light LED lamps are even more optimistic, projecting a drop to 0.3 U.S. dollars per kilolumen in 2035.
It is no surprise that in the United States, LEDs already had a considerable penetration rate in the lighting market in 2017, especially in the outdoor sector. Following the global trend, the LED penetration rate is projected to increase over the next decade. In 2030, some 76 percent of all lighting sources installed in the country will be LEDs.