I did some research, and the initial price for an LED grow light is a bit deceptive.
Yes, the initial price is more expensive, but the costs to operate a LED light compared to other lights is much less. In the end, it’s actually cheaper to run a LED light electricity wise. Another factor that needs to be taken into account is that LED lights put off so much less heat than other lights. I know for me, especially during hot summer months, I would use so many fans to mitigate the heat that came off the HPS and MH lights. Those are costs that need to be considered.
Another cost is bulbs. With an LED light, you have the benefit of using the same bulbs for a long time. A HPS and MH bulb needs to be changed often, and are very expensive if you use quality ones. Below is a chart that I came across that shows how much more it costs to operate other lights compared to LED lights. Over the course of a year, especially considering fan and bulb prices in addition to operating costs, an LED light is actually cheaper in the long run.