The heat source that bakes all of those little cakes and cookies is an ordinary 100 watt incandescent bulb. Only 2% of the energy used by this type of light bulb generates light, and the rest generates enough heat to bake a cake. If you substituted a compact fluorescent bulb for the incandescent one in an Easy Bake Oven your child would be very disappointed because the batter would probably never turn into a cake. A fluorescent bulb is from four to five times as efficient as an incandescent one, so it generates a fraction of the heat.
Well designed lighting, properly used, can save quite a bit on your energy bill. Normally, the predicted savings are calculated using a simple formula that only accounts for the direct cost of the electricity used for lighting and ignores the savings on air conditioning.
Although accurately modeling the predicted energy use of air conditioning systems is complex and requires considerable expertise, intuitively it makes sense to assume that when you cut the amount of watts your lighting consumes, you are also cutting air conditioning requirements to some degree.
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