LEDs are still more expensive than fluorescent and compact fluorescent lights, but they are far less expensive than they were a year ago (http://www.greentechmedia.com/articles/read/leds-to-drop-10x-in-price-in-3-years-but-will-the-u.s.-lead-the-industry) and can provide huge long-tern savings.. While incandescent lights last for 800 to 1500 hours, and fluorescent lights last up to 10,000 hours, LEDs can last up to a whopping 60,000 hours. This can provide substantial savings as a result of fewer replacements needing to be bought.
Source: http://www.consumerreports.org/cro/news/2013/03/led-prices-drop-as-competition-heats-up/index.htm