The operational life of current LED lamps is $50,000 hours. This is five years of continuous operation, or 10 years at 50% operation. The long operational life of a LED lamp is a stark contrast to the average life of an incandescent bulb, which is approximately 2,000 hours. If the lighting device needs to be embedded into a very inaccessible place using LEDs would virtually eliminate the need for routine bulb replacement.
There is no comparison between the costs of LED lights versus traditional incandescent options. With incandescent bulbs, the true cost of the bulb is the cost of replacement bulbs and the labor expense and the time needed to replace them. These are significant factors especially where there are a large number of installed bulbs. For office buildings and skyscrapers maintenance costs to replace bulbs can be enormous. These issues can all be virtually eliminated with the LED option.
The key strength of LED lighting is reduced power consumption. When designed properly an LED circuit will approach 80% efficiency, which means 80% of the electrical energy is converted to light energy. The remaining 20% is lost as heat energy. Compare that with incandescent bulbs which operate at about 20% efficiency. (80% of the electrical energy is lost as heat) In real money terms if a 100 Watt incandescent bulb is used for one year, with an electrical cost of 10 cent/kilowatt hour $88 will be spent on electricity costs. Of the $88 expense $70 will have been used to heat the room not light the room. If an 80% efficient LED system had been used the electricity cost would be $23 per year. That's a cost savings of $65 on electricity during the year. Realistically the cost savings would be higher as most incandescent light bulbs blowout within a year and require replacement, whereas LED light bulbs can be used easily for a decade without burning out.