I will throw in my 2Cents for what it is worth
I will throw in my 2Cents for what it is worth
This post is much longer than I initial intention. But I hope I can help. If not I apologize for wasting your time.
I have ran the "Engineering Economics" several times for a comparison for both Federal and private projects. I have had both results that say it is a good and bad. Since the studies are paid for by my client can't release the studies, but I can tell you how I have ran them.
I usually use Present Worth/Cost Analysis. There isn't a set formula you can use for all cases. It is all going to depend on your application. In the last application a one for one replacement of a CFL downlight and a equivalent LED downlight.
So for CFL's I found the cost of the life of the fixture (Present Worth/Cost, PC) was, assuming 3% inflation everyear, lamp change for the CFL every 3.8 years. , and a 20 year life cycle.
PC = IC + (Cost of Lamp + Labor)[(P/F,3%,3.8)+(P/F,3%,7.6)+
(P/F,3%,11.4)+(P/F,3%,15.2)+(P/F,3%,19)] + Energy Cost Per Year(P/A, 3%, 20)
Pretty much it takes the cost of each lamp change at future year X from now, and converts it to what it will cost you today if you to put the money aside right now.
*****(P/F, 3%, 11.4) are all formulas you can google "Engineering Economics formulas" for Present Cost of a Future Cost in 11.4 years, inflated @ 3%. I wrote a program on my TI-89 in college that calculates the values. I am sure you can find one online.
And I did a similar formula for LED downlight, but at the usage I was using the LED didn't need to be changed over the 20 year life of the project.
Doing this, I found a 1 for 1 replacement of 266 downlights would save the client 26 thousand dollars over the project life.
Now I have done this for much smaller scale projects. That only have the anticipated usage of less than 8 hours, and have had the exact opposite result. It is all dependent on the use. Trying to replace 2x4 and 2x2's I have yet to get the numbers to work out in favor of the LEDs.
So in my experience the place where LED are going to pay back is when the anticipated operational hours are high. Especially when replacing HIDs.
Here is a link that I received published by phillips using simple paybacks for replacing Parking garage fixtures. But again this a using the right fixture for the right use. LEDs are point sources, but can be aimed to create very even and efficient lighting. Like in the example i used above, it was a 1500 Lumen LED with a 26watt CFL. IN that case the LED has less lumens, but the lumens are almost all delievered where in the CFL the lamp itself blocks a good deal of its own output and loses efficiency because it directs light in all directions and it has to use reflectors to redirect the light.
http://www.widelite.com/sites/default/files/LRMC Garage Energy Analysis.pdf
Just as a note, the government projects do allow the use of LED fixtures. There was a Engineering Technical Letter issued by the airforce, that on AF projects, you have to have a payback of less than 5 years if you are going to use LEDs.
So overall , LEDs can payback when used correctly, but it is by far not a perfect technology yet. The initial cost of LEDs are extremely high when compared to CFL, or HIDs. Also, someone mentioned earlier that if you do have a premature failure of a fixture, you are looking at almost the replacement cost of the entire fixture. So if you are specifying it, you better make sure you have a kick ass warranty.