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Mine is about that cost... not sure what you have in yours, mine has a bit more light than is needed for fish with live rock.
2-250 watt bulbs replaced lets say every 6 months makes it so you have only 4 bulbs per year to replace, the cost is manageable. I would have many more lights to replace which makes this much more intriguing. You could be looking at about $1-2K for yours not sure where you buy the stuff, which ones you go with and how you drive them. There are more simple and possibly cheaper ways than what I am doing but with SPS this is the best way I could find. I hope to get closer to 7-10 years but am not sure if the spectrum will still be perfect at that time, plus if I plan on 5 years and get 7 I am happy and the project made sense. If the project made financial sense over a 10 year span and it only lasts 3-4 I would be very upset.
I say yours will cost $1-2K but you should be able to do it for less. The heat sink material can be a place to save some money depending on how you buy it, it can be a huge expense or not as bad. This will not be a cheap project for a large LED array like you are planning, plan for a larger cost and use the rest of the budget on beer or corals when the project comes in under budget.
I have seen a tank (on a forum) that used Geo thermal for both heating and cooling… Very cool idea, but the cost and hassle for me outweighs the benefit (concrete basement floor.)
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