MIMedGrower
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You save money with LED because of electricity from the light and fan required because of the heat. Also I'm not 100% sure about this but I think LEDs last a lot longer so you won't have to replace them for a long time.
there are many reasons led can be more cost efficient as well as yield higher.
but up front cost is less for hps and you know what you will be getting. Mine are high line air cooled reflectors with 95% german reflective aluminum inserts. Got them on sale 7 years ago for $125 each.
it will cost over $2000 to replace them with equal quality led lamps. It is still cheaper even with replacement bulbs all this time to keep running the lamps i own.