This depends on how you are running the LEDs lol. Also, I replaced my hps bulbs every harvest for $25. So I'm out about $100 a year on hps bulbs. The thing is, in the year I've been using cobs, I've spent $300 on cob arrays. That's three years of hps replacements so I don't really see the benefit there, also I will probably be upgrading my cobs well before 3 years happens as I enjoy building these lights and each gain in efficiency.
But ime the argument in a home grow(commercial is totally different and the benefit of not swapping bulbs would be massive) that the bulb cost of hps would be reimbursed by lifetime of LEDs is moot. We spend too much on them and replace them too often for this argument to make sense IMO.
I get more, better quality nug per watt than I do with hps, that's where I see the payoff. Plus good pictures are easier to take for he testers I run. Which I'm sure makes the breeders happier than they were with hps streaks and all that lol.
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