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What are the economic advantages of using LEDs over conventional light sources?

What are the economic advantages of using LEDs over conventional light sources?
Update Time:2019-02-26
Although the initial cost of conventional light sources is less than LEDs, the operational and maintenance costs of LED are significantly lower. LEDs, having a longer life, reduce maintenance and lamp replacement cost. . Because LEDs need to be replaced less frequently, the owner spends less on new lamps and the labor needed to change them. LEDs also consume less energy; thus the overall cost of a LED system can be significantly lower than that of conventional lighting systems. Most applications with LEDs offer a payback period as low as three to four years.