I use LED sources in the lab and progress is very fast on performance and price.
Regarding grow lights: There is the potential for a high-efficiency grow light using LED because LED can be pulsed on and off rapidly. Theoretically, and based upon experiments, you can drive maximal photosynthesis with a series of short pulses separated by dark periods, lowering overall electrical input for an LED that can be rapidly switched.
We do this in the lab for research purposes, but real-world performance is getting close.
Regarding grow lights: There is the potential for a high-efficiency grow light using LED because LED can be pulsed on and off rapidly. Theoretically, and based upon experiments, you can drive maximal photosynthesis with a series of short pulses separated by dark periods, lowering overall electrical input for an LED that can be rapidly switched.
We do this in the lab for research purposes, but real-world performance is getting close.