What is Economic Life
Economic life in the context of lighting means the duration or lifespan of a lighting system or product in relation to its economic viability and profitability. It is a concept used to assess the financial aspects of a lighting investment, including the time it takes for the investment to pay off and the overall profitability of the system. For example, LED lighting is the most efficient light source on the market, offering long-term cost savings. The economic life of LED lighting systems is an important factor in evaluating their financial feasibility. LED bulbs, for example, have a longer lifespan compared to incandescent bulbs, resulting in energy savings and cost savings over a longer period.