The long operational life of an LED lamp is far superior to the average life of an incandescent bulb, which is approximately 5000 hours. If the lighting device needs to be embedded into a very inaccessible place, using LEDs would virtually eliminate the need for routine bulb replacement.
There is no comparison between the cost of LED lights vs. traditional incandescent options. With incandescent bulbs, the true cost of the bulb is the cost of replacement bulbs and the labor expense and time needed to replace them. These are significant factors, especially where there are a large number of installed bulbs. For office buildings and skyscrapers, maintenance costs to replace bulbs can be enormous. These issues can all be virtually eliminated with the LED option.
The key strength of LED lighting is reduced power consumption. When designed properly, an LED lighting solution will approach 80% efficiency, which means 80% of the electrical energy is converted to light energy. The remaining 20% is lost as heat energy. Compare that with incandescent bulbs which operate at about 20% efficiency (80% of the electrical energy is lost as heat). Realistically the cost savings would be higher as most incandescent light bulbs blow out within a year and require replacements whereas LED light bulbs can be used easily for a decade without burning out.