Are LED Lamps too expensive? Over the years, we’ve all become accustomed to paying very little for Halogen and Incandescent lamps and some, for the awful Compact Fluorescent Lamps or CFLs.
These others have always been sold quite cheaply thanks to misguided government subsidies, so we are bound to think that being asked to pay £10 – £15 for an LED lamp, to do the same job, is questioning our sanity!
We are continually told that LEDs are too expensive and that people are prepared to wait for prices to fall drastically, apparently in a year or two, and then to buy them. To these people we say two things;
a) The price of High Quality LEDs –dimmable products that can match the colour and quality of light of Halogen and Incandescent lamps, is not going to fall drastically in the next couple of years. At most we predict price reductions of around 20%.
b) Waiting to purchase LEDs to “save money” is false economy.
From the moment you install LEDs you will immediately be saving, on average around 85% in energy consumption and therefore the same amount off you’re your lighting bills. With an average usage of 6 hours per day 365 days per year, your return on investment is around 1 year. So you have paid for the cost of the product in energy savings 1 year after installation and you have up to 10 more years of saving 85% a year.
This is why waiting to buy and install lamps actually costs you a whole lot more.
Let’s do the maths:
In 2015 an LED lamp costs £14. If this lamp is reduced in price in a couple of years by 20%, it may cost around £11 or a saving of £3.
But what will it cost you during those two years?
Suppose you keep using your single 60W Incandescent lamp at an average of 6 hours per day and 365 days per year with electricity at 13p per kWh, your electricity costs will be £34 over two years.
Had you switched to an LED lamp your electricity costs over the same period would have been £4.
Over two years you would have saved a huge £30 on your energy costs.
Had you invested the full £14 for the lamp you would have paid for it and be a further £16 ahead!!
It really is that simple.
Remember that this example excluded any replacement costs of an Incandescent bulb and any increase in energy costs, and made no mention of the dramatic reduction in CO2 emissions you would be contributing to.
Without batting an eye lid we all spend several hundreds of pounds on a whole list of appliances for our homes, and yet with the exception of the refrigerator, none is used more than our lighting.
So are LED lamps too expensive. No, not if you look at the bigger picture. When you do that, they turn out to be a bargain !