Spending less than a dollar on a light bulb may sound like a great deal. But do you know that incandescent light bulbs cost about $12 each over the course of their 1,000-hour lives?

Many homeowners are reluctant to spend the cash on switching out traditional bulbs for energy-saving light bulbs until absolutely necessary - which is sooner than many think due to the upcoming ban on incandescent light bulbs set to take effect in 2012.

Yet, a report from Lakeland, Florida newspaper the Ledger points out that the upfront costs quickly pay for themselves for homeowners who invest in compact fluorescent light bulbs.

CFL bulbs sell for around $2.50. Even if this is twice the cost of incandescent lights, CFL bulbs last five to 10 times longer than traditional bulbs, reducing the cost of replacement bulbs.

Moreover, users get the same amount of light from a 26-watt CFL as they do from a 100-watt incandescent. This means lower energy consumption and electric bills. The source estimates that electric bills will be reduced by $68 for every incandescent bulb switched to a CFL.

In addition to CFL bulbs, homeowners might be interested in investigating the savings offered by LED and halogen light bulbs. A new halogen bulb created by Osram Sylvania might be especially of interest to consumers as it offers similar same energy savings as other green lighting solutions, but the bulbs sell for a fraction of the cost.