Switching to LED Holiday Lights

According to a paper from Energy Star, LED holiday lights draw 0.04 watts per bulb, 90% less than tradition incandescent holiday lights. This translates into immediate electricity cost savings.

Here's a thought experiment for our downtown:
If the Traverse City DDA spent $7,432 last year on holiday lighting and the price of electric doesn't change, changing to LED lights would save them $6,689 / year . Factoring the initial cost of purchasing the new LED bulbs equates to a 8.2 year payback period. Given that electricity rates are projected to go up by 1 to 2 cents over next 8 years, the payback would improve by 1 to 2 more years. Factor in the cost of replacing broken incandescent bulbs and replacing strings and LEDs become even more favorable.