Though most inhabited spaces aren't strictly temperature regulated, so there is still some potential for energy subsidization.
There might be some applications in solid-state heat pump technology as well. Actually I would think that the more interesting possibility, given that the field is still maturing.
Most cooling systems are seem pretty complex/bulky/energy-inefficient to an ignorant sob like me, but if they can make it simple enough to fit into an LED, and the fact that this cooling system relies only on optical output and electricity, it could have a lot of cool applications we haven't thought of.
Cooling systems don't have to be complex - lookup peltier cooler.
But they are energy inefficient because the laws of thermodynamics requires it. (You can make them more efficient by not cooling as low - trading temperature for volume. In an A/C that would mean instead of a 40 degree drop, do a 20 degree drop, but with twice the air flow. The net result for the living space is the same, but the efficiency is much improved.)
There might be some applications in solid-state heat pump technology as well. Actually I would think that the more interesting possibility, given that the field is still maturing.