LED IMPACT IN THE U.S.A ECONOMY
The fact that LEDs are long-lasting, energy-saving, and produce bright white light is a plus to the US economy. The economy is not only influenced by big things like stocks, but small creative inventions like LEDs profoundly impact US financial security. LED bulbs are among the standardized electrical devices which ensure efficient electricity use. Since this innovation, US energy usage has fallen significantly, clearly showing that Americans are saving heavily on electricity. This is a good thing as it cuts on energy production and its associated side effects, like climatic change, whose control has negative economical implication.
LED bulbs came and changed the game from the traditional bulbs which were inefficient as so much energy was being used to produce unwanted heat. The incandescent filament bulbs were being used all over the country until the price of LED bulbs was substantially dropped to enable consumers to adopt this new technology. This shift makes LED bulbs to account for over 70% of bulb sales in the US impacting the way of living and energy consumption. Switching to energy-efficient lighting is estimated to save about 160 kWh every year.
Though, expensive, LED bulbs are long-lasting meaning that you do not have to replace them as frequently as the traditional bulbs, hence saving on the replacement lighting costs. Depending on the number of bulbs used in a home, one can save up to $100 per year. These bulbs consume 85% less energy compared to the incandescent bulbs, which leads to lower electricity bills. Saving on the utility cost of about $160 is viable after swing to LED lighting. The product cost and energy saving of LED bulbs impacts and will continue to impact the U.S. economy as a switch to more energy-efficient lighting continues.