I would do it right the first time and get decent gear, but it will cost you about a grand for the things you need.
Not sure if you wanted to try LEDs. I never have, but I heard that they are great for potency.
If you want to save on power, exercise the advanced lighting method. 12 hrs on, 5.5 hrs off, 1 hr on, 5.5 hrs off. Your plants might lose about 15% growth, but you save a hell of a lot on electricity. After my first grow of 18/6, I've been a full advocate of the advanced method. Really, you do not see that much of a difference as far as production is concerned. The only thing that might be different is the size of the plant.