Coloured Lenses can be put into Lenses (this makes sense when you look at the pictures). These should mainly be used for their effects rather than moving Starlight to your altar. Simply right-click a Coloured Lens on to a Lens you have previously placed down.
You can remove a Coloured Lens by sneak-right-clicking the Lens. Lenses are also used for crafting. Each Coloured Lense has a different effect:
Ignition (Orange) - Cooks items that are thrown in front of it (Potatoes > Baked Potatoes) and will burn mobs and players in front of it. Does not work with blocks PLACED in front of the beam.
Break (Yellow) - Breaks any block in front of the beam of light. Takes longer to break more difficult blocks (obsidian).
Growth (Green) - Will encourage plants and crops that are in front of the beam to grow.
Damage (Red) - Will damage any mobs in front of the beam. This is Magical damage and will not hurt players.
Regeneration (Pink) - This will heal mobs and the player. It will not add a regeneration effect.
Push (Light Blue) - Items and mobs will be pushed along by the beam.
Spectral (Purple) - Allows you to project Starlight through walls.