In some cases, switching to led does not make sense at all. Especially with smaller tanks that may be running say a single 150w halide or even two. It makes a LOT of sense for those of us running larger tanks that use a lot of power. The savings are significant and pay off is relatively short especially when you can sell off your halide hear to recoup a lot of the cost
To note, I run 10 led drivers and have had 0 failures so far. I also run 120 cree xr-e leds and have had zero failures as the fixture is setup and designed properly. My original pair of Maxspect G2's that I sold off in 2010 are still running to this day, no failures on leds or drivers.
With 4qty of 250W fixtures with my old setup, I generally was replacing two 250w bulbs a year on average and 1 ballast out of the 4 a year. Wost year was 3 bulbs. Bulbs I had to eat at $75ea, ballasts were under warranty so I was just paying shipping. When I ran aqualine AB 20K's, I was eating $100 a bulb / 4 of them every 1.5 years or so not including premature failures.
I will be happy to report back if I have an issue with my LED setup. So far I would NEVER look back. Just for some proof....
My old halide ballast setup...
My maxspect system / led drivers
My current led build / 5 drivers per end cap the day it was finished and over the tank.