Not necessarily the hours that it runs but more along the lines of the distance of the light to the tank. Even if you were to reduce it to 2 hours per day (not recommended) it would still be pushing out just as much light onto the corals and possibly stressing them out.
Curious, you said the old light was three months old? Why are you replacing it right now, MH can usually go up to 6 months before replacement is needed.