LED lights will be the most energy efficient in the long run and color changing lights can really set a mood if you use the pool at night or as an entertaining backdrop at night. Spas tend to get a lot of use at night and lighting in the spa can really set a relaxing mood. I have color changing lights in my pool, spa and fiber optic water features that can synchronize with each other (but they are not LED since LED lighting was not available when my pool was built) and I am not sorry I spent the extra money for them. If I had it to do over today I would most likely have LED lighting instead to lower energy costs.
Your most inexpensive light would be an incandescent white one and that is usually what many builders include but they are not always the most aesthetic. The color of the surface of your pool and spa need to be taken into consideration. If you are going with a dark or strongly colored pool surface then color changing LED lights are a waste, IMHO, and you will probably be better served by an incandescent or halogen light that puts out more lumens to better illuminate the dark surface. LED lights just don't have the light output to match an incandescent or halogen. Colored lights lose much of their effect on anything but white or light blue or grey surfaces, IMHO.
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