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Light emitting diodes do not “burn out” like incandescent bulbs. There is nothing for the consumer to replace. If the LED stops working for some reason, the whole fixture must be replaced.
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The LEDs have a very long life, do not need replacing, consume a fraction of the electricity of incandescent bulbs, and are not nearly as subject to voltage drop. Payback is around two years of saving electricity and bulbs.
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The LED watts still need to be summed just like incandescent bulb watts. The wattage used cannot exceed the power pack’s rating. Incandescent fixtures and LED fixtures can be mixed on the same cable. However, since the power consumed is much less, a greater number of LED lights can be used for a particular size of power pack.