The biggest factor in how LEDs affect your bill is time. Energy Star LEDs are about 75% more energy efficient than incandescents. If a 60 watt incandescent uses 60 watts, while the equivalent LED only uses 10 to 15 watts, then it is worth it. Breaking this down for work like 3 hours a day and that means using 65,700 watts per year for one incandescent, versus 16,425 watts per year for an LED (if we use the example of a 15 watt bulb).
At about $0.52 per month for incandescent and about $0.09 per month for LED, that comes to about $6.22 per year for an incandescent bulb compared to $1.04 per year for an LED bulb. And remember, this is just one light bulb that is used for approx. When you consider a house full of light bulbs, this can be a lot of money.
So, yes, LED bulbs will save you quite a bit on your overall bill – despite the higher cost of incandescent bulbs. However even this may be an exaggeration these days as LED bulbs are often available at similar prices. Additionally, LEDs last a long time (sometimes 30 times longer) so even if they cost a few dollars you won’t need to replace them as often.