In summer, we don't use the light bulbs much, in winter there is no such thing as "waste heat".
To be fair, I blasted the state environmental guy about this, and he insisted they took the heat savings into consideration on the energy savings calculations.
I went and researched it, and looked at EPA's calculations, and realized I had egg on my face. They did, indeed, take winter heating into account. Of course, there's still energy waste via T&D that doesn't help with heating, so there was still a lot of savings even in winter.
I'm very glad that LED research was spurred by this, and that we don't have to deal with the CFLs much anymore. Thank goodness for the pseudo-white LED!