LED, or solid state lighting, technology is not really new. In fact, it has been around for over 100 years. Electroluminescence, the phenomenon that results in light from an LED, was first observed in 1907. Initially, this discovery made little impact outside of the scientific world. It would be another 55 years before LEDs made it into commercial applications. In 1962, the first commercial LEDs were sold to IBM. They replaced tungsten bulbs in punch card readers, and cost about $130 each.