Simply put, the 50,000+ hour lifespan of high quality LED lights means that the initial cost of a light (bulb) is a smaller percentage of the Total Lighting Cost or "TLC" (the total cost of providing lighting to a space.) But, there is actually more to it.
A common misperception of LED lights used in general lighting situations is that the only color available is a bright white that many people consider too harsh for everyday use. This is particularly true because most of us are much more familiar with the softer hues associated with incandescent lights. Well, fortunately, LED lights now offer much softer colors, and actually provide a wide range of colors that can be fine-tuned to meet nearly any need.