I can't comment on HPS as I'm full LED guy from the start but i can tell you is they will reduce heat by loads... HPS projects heat downward, leds project heat upwards so its a lot easier to remove it from your space plus they do produce a lot less
Strain dependent and and at what amperage the LED's are being driven, a good rule of thumb for light hight is 18 - 12" from the canopy... that being said I let mine get with-in 6" on some grows but that's photoperiod's, Most auto's like a little less light than photo's.
To replace a 600w hps gram for gram in a 4x4 space you want 400-500w of COB / QB's led. A rough rule of thumb in the LED DIY world is 32-50w per square foot. Don't use that rule of thumb on shop bought LED's unless it's made of COB's or QB's.
Price wise I would budget my self £300 - £400 for a 400-500w array... I'm UK based so pay a lot more on some parts like my QB's and heat sinks if I import them from the states/china.
Here's a few pic of what you can achieve with QB's, this is my second grow with this light and my first run with this strain. Still preaty pleased with the grow... 2 QB's at 2100ma about 120w per board ina
Once you get good with the QB's and the cobs, with the right strains you will be hitting 1.5 - 2 g per watt... everyone reports that the buds get more rock hard, yes you loose a little on size (you don't notice once in the bag) but gain double on the weight of the bud. Also you may notice and increase in trics, LED's can produce a frostier plant, great if your into your extracts.
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