How Much Can You Save By Replacing Your Light Bulbs?

If you’re trying to cut costs on energy, one common suggestion is to use more energy efficient lighting. People understand that Compact Fluorescent Lights (CFLs) and Light Emitting Diode (LED) bulbs use less energy than incandescent lights, but they’re also more expensive.

How much money do you actually save with fluorescents and LEDs? Is it enough to justify the higher costs of the bulbs? Or does the additional cost outweigh the savings you get?