There are several factors to consider when transitioning from incandescent or halogen fixtures to LEDs. Cost, compatibility and performance are aspects that are important to get right, for a successful transition.Focusing on the first factor, many people want to buy LEDs but are concerned about the initial, high upfront cost. Read on to learn more about how LED prices could shift in the next few years.
Price and Timing
According to a new study published in Environmental Research Letters (Replacement policy of residential lighting optimized for cost, energy, and greenhouse gas emissions), the reason for transitioning to sustainable LED fixtures may determine the ideal time to make the move.
Researchers applied life cycle optimization frameworks to build a model for the study. The results of the trials showed that individuals who are concerned about high CO2 emissions and saving the environment should transition to LEDs as soon as possible.
However, people who are more interested in reducing their energy consumption and decreasing their monthly energy bill at home, should wait a bit longer.
But is this really the best option to take for people who want to decrease energy use at home?
Immediate Energy Savings
The authors of the study cited that LED Lights tech will go through rapid development in the next three years, between 2017 and 2020. This will affect its performance (increase), as well as its price (decrease).
With this in mind, this three-year window (and beyond) is an optimal period to buy LEDs.
Furthermore, LEDs offer immediate savings after installation, through reduced energy use, which will accelerate one’s return on investment (ROI). The modern, solid-state fixtures also last longer than traditional lighting technologies (the units come with a lifespan of 50,000+ hours), which could decrease replacement costs, from a long-term perspective.