I did a survey and I have 33 recessed bulbs in the house (120W)! I've switched all my non-recessed bulbs with CFLs, but I need something for our recessed lighting.
So my question is why aren't these ultra-efficient LED lights being produced in greater quantities (and this bringing the costs down)?
Thirty three 120 watt bulbs will keep your house competing with a small star for both power consumption and light intensity, but I'm not here to judge. If you've got the sockets, they should have high-efficiency bulbs in them.
The good news is two-fold. First, you don't have to wait for LED bulbs to show up at Wal-Mart to find a high efficiency alternative because they've started selling excellent recessed CFLs. I've actually got one shooting down on me right now! To match a 120 watt incandescent, you should look for a 23 to 26 watt CFL.
The bad news is that LED bulbs would likely be a better choice for you, but a good one won't be easy to find. LED lighting is facing a few barriers that will take some time to overcome. First, LEDs are currently fairly expensive to manufacture, and while their extreme long life and efficiency will eventually pay for the extra cost, it's hard to get folks to cough up 30 bucks for a bulb when they're so used to paying 30 cents. You might be able to find a good one somewhere like Ace Hardware or specialty stores online, but be ready to cough up some change.
Second, LEDs have a very high theoretical efficiency, but that doesn't mean they're all created equal. While incandescents and fluorescents have had all their kinks worked out, the materials that will go into creating LED bulbs haven't been settled yet. Engineers at GE, Philips and elsewhere are all slaving away trying to get the maximum light out of the least amount of power without sacrificing the quality of the light…all while decreasing costs.
But I guarantee you it'll be worth the wait. LEDs promise huge energy savings, high quality light, instant turn-on, and long-term lifespans while containing absolutely no toxic chemicals. What's my estimate for a $5-$10 120 watt equivalent LED bulb at Wal-Mart? Five years. Which, luckily, is right around when your CFLs will start burning out!