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 labour 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.