I have been wanting to do this for a long time! This is a perfect way to use up scraps of cool sock yarn you have laying around. I happen to have quite a bit. I am not sure of the exact yardage each lantern takes, but if you run out of one yarn you can just connect another and go.

The more different yarns you use, the cooler your strand of party lights will look.

These lights look really cool in the daylight as well.

I purchased my set of paper lanterns at target for, I believe $10.00. Another think I want to try is getting the colored paper lanterns and using white sock yarn. That would be really cool!