Indoor vertical farming in controlled greenhouses is becoming increasingly widespread due to the urgent global need for food and its ability to address challenges posed by climate change and extreme environmental conditions. However, indoor farming requires the deployment of costly and energy intensive supplemental lighting systems, thus posing challenges with respect to economic feasibility and increased energy demand from power systems. To address these concerns, recent studies have explored lighting strategies that manipulate different lighting factors, such as light quantity and spectra, aiming not only to reduce costs and increase energy efficiency but also to optimize plant growth and productivity. Motivated by these reasons, this review paper aims to bring these lighting strategies to the fore while reporting on both positive and negative effects on plant growth, as well as resultant cost and implications for indoor greenhouses. We propose a novel taxonomy for mapping different lighting strategies to distributed energy resources, thus positioning indoor greenhouses as microgrids to improve energy management. In this context, the proposed taxonomy provides a basis for reviewing prior studies that simultaneously improve energy efficiency and plant production, which leads to the proposal of new avenues of research that address the needs of the power and agricultural sectors.