Despite all major developments in graphics hardware, realistic rendering is still a computational challenge in real-time augmented reality (AR) applications deployed on portable devices. We have developed a real-time photo-realistic AR system which captures environment lighting dynamically, computes second order spherical harmonic (SH) coefficients of it on the CPU and the resulting nine coefficients on the AR device for real-time rendering. Our technique provides a very computationally efficient rendering procedure for diffuse objects in real-time rendering scenarios. We use two options for dynamic photometric registration of environments: a Ricoh Theta S 360° camera, and a Raspberry Pi Zero mini PC with a camera with a 180° fisheye lens. We tested our system successfully with software developed in Unity 3D with the Vuforia AR package, running on a Microsoft Hololens, and also an Oculus Rift DK2 with a stereo camera add-on.