Fluorescent bulbs are rapidly becoming the standard in household lights, with typical fluorescent bulbs using about one-quarter the electricity of conventional incandescent bulbs for the same wattage/lumens. Fluorescent bulbs gained in favor in 2007-2008 as tech advances brought bulb costs down considerably, with many now below $6 per bulb, reducing the pay-back time.

Further, fluorescent bulbs were expected to dominate the replacement bulb market for residences, but advances in LED technology -- widely used in cell phones, cars, traffic lights, and other commercial applications -- may now shorten fluorescents' dominance from a decade down to a fewer years, The Times reported. Already, municipalities such as Ann Arbor, Michigan and Raleigh, N.C. are using LEDs to illuminate streets, parking garages, and other public areas.

The LEDs' big advantage? They're more than twice as efficient as fluorescent bulbs, and they contain no toxic elements.

Two major players in the LED field are General Electric Co. (NYSE: GE) and Koninklijke Philips Electronics NV (ADR) (NYSE: PHG).

Economic Analysis: Some may view the LED bulb trend as an example of 'planned obsolescence,' as fluorescent bulbs are just becoming the standard in homes and other lighting operations, but the reality is that if LED technology continues to advance and the latter light's price declines, the switch to LEDs will become more commonplace. Right now, LEDs are on average 5 to 20 times as expensive as fluorescent bulbs -- hardly low enough to spark widespread homeowner use -- but as the cost approaches only 200% of the current fluoro bulbs, the switch will begin for many, suitable lighting needs. The likely, key drivers? The reduced pay-back time for the new technology, along with increased environmental awareness. Further, The Times reported that a wholesale switch to LEDs would decrease carbon emissions from energy needed to power lights by 50% in about 20 years.