I'm not going to knock MH/T5, as they undeniably work, and did work great for 3+ years for me. On the other hand, if you can't figure out the savings over time of leds, I would question your cost management abilities. Just because you have cheaper electricity and no heat issues, doesn't mean everyone else does. My cost of electricity is nearly double yours here in NY.
This is just a quick cost analysis of potential savings in my setup.
380w MH/T5 vs 120-180w LED. 200w+ saved.
$300-500+ chiller no longer needed
~650w chiller electric usage 650w saved ~$10month
8,000btu AC, ~800w electric usage (AC needs to turn on more) ~$10month
The money saved on a chiller could be used for a LED fixture alone. When you figure in the wattage of the lights, chiller, and AC in the room, you have a potential max of 1650w running at any given time that is no longer needed. Very forgiving electric costs at that point reach over $300 a year for me.
Right off the bat, I save $800. If I use my 120 gallon setup, add 200+w more per each 24" of length for the extra bulbs.
My DIY LED is 180w per 24" length, and ran $350. That's even overkill, and can be adjusted to a $250 or less per 24" of tank length. Assuming a custom ratio chinese box can provide similar results over time, that cost is $160 per fixture, using three for a 72" 120 gallon tank.
At minimum, assuming the leds can provide 75% of the growth and equal or better coloring with a full spectrum led setup, the $480 used to light my 120 gallon tank, can be made back within 2 years of bulb changes alone, had I used 3x250MH +T5. That doesn't even take in the electricity savings of $250+ a year.
By year three, I would have saved $1000+ over lighting my tank with leds compared to MH/T5. If growth performance matches in that time, you basically just "lit" $1,000 on fire staying with MH. $1,000 is a lot to many reefers.
Goldfish? I could take a vacation and scuba in a real reef for that kind of money.
Ok lets do my tank, we can skip the rest of the pump and just focus on lights.
My maristar was 6 months old with lumatek switchable ballasts, ebay delivered for 250.
I picked up a 1/4 HP chiller for 75$ local. Pulls 400 watts 3 X a day for 30 min each cycle. (I really dont need it, i just like to keep the tank within 1 degree, without it it would not go over 82).
Using the RC electric calculator
Cost of lighting to run 650 wattsX 10 hours X0.078 = per month 15.42$
Cost of chiller (same math as above) 1.42 per month
Replace that with 200 watts of LED (and the light output wont be near equivalent, but that aside) Would cost me 4.74 per month. Total saving for me to switch 12.10$ a month.
Lights cost me 45$ each for 2 pheonix and 19$ each for 2 T5's. Yearly cost of bulbs is 128$.
Two Radions would cost me 1500$ and consume 140 watts each. So lets see where MY break even point is. 10 hours a day @ 7.8 cents per kwh
Year one of MH total cost (chiller included) electric plus buying the unit 452.08
Year one two Radions and electric 1579.68
Year two MH replacing bulbs and previous year cost 782.16
Year two Radions with previous year cost 1659.36
Year 3 MH cost, again replacing bulbs and including past years cost 1112.24
Year 3 Radion cost with previous years 1739.04
Year 4 MH cost (same as above) 1442.32
Year 4 Radion (same as above) 1818.72
Year 5 MH cost (same) 1772.40
Year 5 Radion (same) 1898.40
Year 6 MH cost (same) 2102.48
Year 6 Radion cost (same) 1978.08
So 6 years to finally save 100$. That is *if* they last that long and *if* they provide 100% of the results. You could also do the same math with a cheaper unit but you still looking at 3+ years to break even. By that time something newer and better will be out and your LED fixture will be obsolete.
So Ill wait 6 years and when the rest of yall have sunk millions into this, then maybe there will be something worth ditching the tried and true gold standard for. Again this is JUST MY situation. I know some pay 3-4X my electric rate. There are others in Texas that are pay half of what I do. There is even a new plan where nights are free so many people have signed up and running the lights on a reverse schedule and paying nothing, notta for electric lighting.
I almost forgot one more point. My friend upgraded (if you call it that) his 280 to leds. Now he has 2 300 watt heaters running during the lighting hours to keep his tank from dropping below 77. That is 600 watts an hour wasted.