LED Light vs. Compact Fluorescent Light

You are correct that fluorescent lights have high luminous efficacy, although not the best (that achievement belongs to discharge lamps such as high pressure sodium). Considering the overall efficiency of a light source in delivering radiance to the intended target, LED systems have much lower energy consumption. There are two main reasons for this effect:

1. LED sources produce very little heat compared to fluorescents. That heat is 100% wasted energy.
2. Fluorescent tubes radiate in a uniform 360° pattern, including directions away from the area to be lighted. LED's are hemispherical on a flat backplane, so their light output is more directed. A much larger percentage of the luminous radiation produced by an LED actually illuminates the target area.

My utility is now performing a side-by-side comparison of LED and high pressure sodium streetlights using revenue grade certified meters. Over the last 75 days the LED fixture consumed 23.6% of the energy used by the HPS fixture (72 vs 313 kWh). In addition, the LED produces a cleaner, whiter, more eye-friendly light, which means that fewer candlepower are required at ground level to achieve the same visual acuity.