I was pleased to see that high efficiency compact flourescent bulbs now come in reflector (flood-style) casings, so I replaced all the lights in my kitchen. The quality of the light is excellent, no regrets in that regard. Time to do the math:

The 70 watt bulbs cost about $3 each, and last about 2 years. The 14 watt bulbs cost $6 each and are said to last 7 years. So the HE bulbs are slightly cheaper to purchase.

70 watts, 6 hours a day, 365 days a year: 153,300 watt hours, or 153.3 kilowatt hours.

14 watts, 6 hours a day, 365 days a year: 30,660 watt hours, or 30.66 kilowatt hours.

At 8.39 cents per kWh, the 70-watt bulbs in the kitchen burn $12.86 a year in electricity. The 14-watt bulbs will cost $2.56 a year in electricity. So I'll save $10 a year having replaced the kitchen bulbs.

I've got six more in the basement that get similar use, so there's a few more bucks a year. DS Lite, here I come!

EnergyStar's light bulb page. Seattle City Light rates. Bulbs.com online light bulb store.