It is rather easy. Cost of electricity is $$$ per kilowatt hour. In my market it is around $0.10 Kw-hour. Others may be more, check you electric bill.
To figure take the bulb wattage i.e 40 watt. and multiply by the Number of hours used. i.e. 10 hours ... 40 watts X 10 hours = 400 watt-hours. Divide by 1000 to get kilowatt hours.... i.e. 0.400 kilowatt hours. Thus with electic at $0.10/ kw-hr., in a 10 hour day, one 40 watt bulb will cost you .4 X $0.10 = $.04 to run.
Now multiply that by number of bulbs and days of the year.
Savings is calculated the same way. 32 bulbs * 40 watts * 10 hours /1000 = 12.8 kw-hours/day
The proposed system is 16 bulbs * 23 watta * 10 hours /1000 = 3.68 kw-hours /day
a savings of 9.12 KW-hr every day. or at $.10 a KW-hour $0.92 a day => *7 = $6.39 week => * 52 = $331.97 a year => *4= $1327.88 over a four year life span of the bulb.
Like bank interest the power is in letting the small numbers build up over time.
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