The San Jose Mercury News reports that according to the US Department of Energy, around 20 per cent of a household's electricity bill is made up of lighting costs.
It is thought that LED bulbs could help to reduce this energy consumption as they last longer and use less electricity – thus saving customers money.
The news provider reports that replacing ordinary light bulbs could be the next big step for LEDs, especially as many countries are introducing bans on incandescent products.
Zach Gibler, chief executive officer of Lighting Sciences, said: "Depending on the application, (businesses) can see a payback in less than a year. Consequently, it's becoming a much more viable technology."
Last week, Rick Hobbs of Anaheim Signs suggested that using LEDs in a city such as Las Vegas could have a positive impact on the global climate.
