I currently have an LCD monitor which works pretty well as of now. I have no problems with it whatsoever. However, I've heard that LEDs are much better than LCDs. Would it be worth it for me to switch? Would it be an unnecessary expense?
Not really. LED's are newer technology but they are not that superior to LCD. The energy savings are marginal. You would best to be sticking with your LCD monitor, although most newer computers use led.
Both monitors are LCD the ones sold as LED are the only ones generally available on the market the DIFFERENCE is that the older LCD monitors are backlit with florescent tubes the LED which are really LED-LCD, are lit with white LED's which use less power My current LED-LCD monitor uses about 7 watts The LCD (Florescent backlit) monitor used 25watts The old CRT I got rid of six years ago used over 200 But it isn't only about power what resolution is your old monitor? Because you have to search long and hard to find a monitor that is not 1920x1080 these days And in that resolution you can buy a decent quality 24 monitor for $150 any day of the week. and you can often find them cheaper. I bought a 23.7 ASUS monitor for my repair bench for $129 not too long ago