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1 single 4' t-5 strip fluorescent (without reflector) : $30. Add in a reflector for $20 (or build your own, which is what I do, for less). Anyway, about $50.
1 single 4' HO LED light - $100. Need a transformer, unfortunately. Let's say another $50 (can run several strips though). Total, about $150
For the first couple years, the T-5 wins. Need to buy a new bulb every year (yes you do... stretch it to 18 months if you must, but you will be a far happier person if you replace them yearly). Hydrofarm's price for a 4' 54W bulb is $30. Seriously? $30? That is insane. Anyway.
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Really, you pay $30 for a 4 ft. 54W T5 bulb? Yes, that is insane. I buy them for about $10 - $15. That makes break even about 6 - 10 years.