I have progressively changed all the halogen bulbs (GU10 and G4) in the house to LED. Initially I bought LEDs from large DIY chains (B&Q, Homebase) - at the time they were disappointing: low brightness, very blue. I then found UltraLEDs.co.uk - their prices were lower and their brightness much better. Every major holiday in the UK they have a sale with 20% off or so. And their prices have driven progressively downwards.
January 2012 I bought GU10s drawing 4W and delivering a 50W equivalent brightness at £7.80 each (tax included): that's about $10 before sales tax. The light quality is a little green for my taste but I've rapidly got used to it. These LEDs will last at least 10 times longer than the halogens they replaced. A halogen bulb costs around $1 in bulk. So you can spend $10 on ten halogens each of ten years or one LED that lasts 10 years.
So they are really no more expensive in capital terms. For organisations that have a cost to change a bulb the LED's reduced replacement cycle makes them a win very quickly in reduced maintenance.
For a light that is used 1000 hours a year, the saved electricity is around £5/year on my tarrif. So the return is £50 over 10 years.
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I will say there was a lot of trial and error to find LED GU10s and G4s I was happy with. Often the form factor wasn't a true replacement - too long or too wide. I also tried CFL GU10s - these were not worth it.
However the payback is interesting. As I completed the process I worked out the total energy saving. And amazingly now that I've replaced all the halogens in the house it looks like the annual kWh saving is enough to drive my Roadster 6000 miles a year. Staggering.
(50 lights x 46W saved x 1000 hours per year (<3 hours per day) = 2300 kWh per year
Wall power required for Roadster: 400 Wh/mi
=> 5750 miles)
Given that I charge the Roadster on aTime of Use tarriff overnight that costs half of the daytime rate, and that almost all the lighting use is in the peak period, financially each saved kWh from the lighting buys two driving kWh.
I am currently doing under 12,000 miles per year, so I think the saved energy from converting halogens to LEDs is paying for all my miles driven!