I have a red LED (623 nm peak wavelength) which I am able to light up at 1.48 V. I thought the switch-on voltage should be determined by $hc/(e\lambda)$, but that would give 1.99 V for 623 nm. Even assuming the LED spectrum is really wide, and I'm only seeing the the deepest visible red (~720 nm), the voltage required should still be at least 1.72 V.
Does the missing energy come from heat? There is "thermal voltage" $(kT/e)$, but it's only 26 mV at room temperature — an order of magnitude smaller than the discrepancy between the prediction and the measurement.