A power conditioning circuit in a light bulb efficiently converts an Alternating Current (AC) input voltage into Direct Current (DC) power for operating LEDs in the light bulb. The power conditioning circuit discharges capacitors when a voltage level of the input voltage drops below a given voltage necessary to operate the LEDs. The capacitors are then recharged when the input voltage is high enough to power the LED. The capacitors are configured to operate as voltage dividers while being charged thus reducing a peak voltage level of the output voltage used for powering the LEDs. The reduced output voltage reduces the overall amount of energy used by the light bulb and reduces the amount of heat radiated by the light bulb.