Identify the wattage of each of the bulbs. Both LED and incandescent bulb will have an electrical power rating. For example, an incandescent bulb marked 60W uses 60 watts. On the EnergyStar LED product website, the LED ECS19WW bulb from Lighting Sciences Group uses 7.7 watts. The EnergyStar website maintains a website containing the information you'll need for all approved LED products, or you can look at the "LightingFacts" website or label on the package.
Find the light output of each of the bulbs. Again, from the EnergyStar websites, you can learn that a 60 watt incandescent puts out about 800 lumens and a LED ECS19WW bulb, for example, puts out 385 lumens.
Calculate the lumens per watt for each bulb. Lumens per watt is a measure called efficacy, which measures how efficiently the bulb converts electricity to usable light. The efficacy of the incandescent is about 13 lumens per watt, while the ECS19WW is 50 lumens per watt.
Complete the comparison by determining how many watts would be needed to light your application. For example, if you find the light from two 60-watt bulbs to be more than sufficient to illuminate an area, you'll need about 1600 lumens. Four of the ECS19WW bulbs provide 1540 lumens, a negligible difference of only 60 lumens. Two 60-watt incandescent bulbs use 120 watts, while four LED ECS19WW bulbs use only about 31 watts.