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.