Quick Answer: How Much Do LED Bulbs Actually Save?
Annual energy saving per bulb = (Old watts − New watts) × Hours per day × 365 ÷ 1,000 × Electricity rate. On top of that, you stop buying replacement incandescent bulbs, because an LED lasts many times longer.
Single-bulb example: a 60 W incandescent swapped for a 9 W LED, on 4 hours a day, at the calculator's default rate of $0.1883/kWh. That saves 74.46 kWh and $14.02 a year in electricity, plus $0.97 in bulbs you no longer buy, for $14.99 a year in total. A $5 LED against a $1 incandescent pays back its $4 premium in 3.2 months.
The Department of Energy's Energy Saver guidance says residential LEDs, especially ENERGY STAR rated ones, use at least 75% less energy than incandescent lighting and last up to 25 times longer. The calculator turns that into dollars for your own fixtures.