120v/20w. Plugged into a 120v outlet, this will draw 20w. (if you leave it on for 50 hours, you will pay for 1kwh of electricity)
12v/20w. One of 2 options here. There is a transformer that converts 120VAC to 12VDC. It's unlikely it is more than 80% efficient (and probably worse). If the bulb draws 20w, then the 80% transformer is drawing 25w. If the transformer draws 20w, then its a 16w bulb. Likely it's the first case (20w bulb, using 25w or better of metered power). If it has a battery built in as well, total efficiency is likely closer to 50%. Also, any time the transformer is connected to power, it wastes a watt or 3 (this is why your phone charger is always slightly warm, even without a phone plugged into it).
The one with the transformer also has more parts to break, and probably costs more.
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