Difference

Technology; HPS is high pressure sodium, and CMH is ceramic metal halide. (They're both HIDs, though, and require a ballast to fire/run.) Newer CMH bulbs output a spectrum that is closer to natural sunlight than HPS.
 
If the wattage is the same - and assuming equal efficiency for each ballast - then they'd cost the same to run. A watt is a watt, a kilowatt-hour is a kilowatt-hour.
With a 600w air cooled light? For 4 plants??
 
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