you have a point here tight budgets and leds dont really go together but if the cash can be scraped borrowed or stolen i feel a good led fixture is a good investment. i must caution tho from my experience w/leds and from what i have read. do not follow the factory specs as far as coverage you can pretty much count on cutting the factory recomended coverage area x 1/2 or even 1/4 more to get optimum coverage. i have seen repeatedly on different threads that 75-90% actual draw compared to a hid fixture is optimum for coverage.so if you are running a 1k hps it will take between 750-900 watts of leds to really equal light output. now i know someone will argue you can get away with less, and sure you can but the key word there is OPTIMUM you can grow yer dope on a window sill in a dixie cup but it probably wont be optimum. from my research the single biggest savings w/leds are in a/c costs the next biggest savings is in bulb replacement. followed by electricity consumption for the lights.
this pretty much sums up over 4 months of reading research and a little experimentation in the ol' lab... hehe
either way gd luk but don't skimp on the lighting. add some cfls if ya have to and youll be happy later
oh ya and make sure ya wrap the inside of your box w/mylar or paint it white if ya havent already
peace
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joe