Prices of LED have significantly dropped in the last year. Home Depot’s 800 lumen Philips LED bulb is priced just under $40.00 and consumes 12 watts. A 40-watt equivalent from Lighting Sciences Group, which consumes less than 8 watts, costs just under $18.00. If you used a bulb for just 2 hours a day and paid the national average of $0.115 per kilowatt-hour, a single 12-watt LED will cost you about $1.00/year. Comparable CFLs that consume about 14 watts come to $1.17/year and about $5.00/year for 60-watt incandescent in that scenario.