The most economical (in the long run) way to grow weed for yourself at home is to do it for the lowest possible cost per ounce, right? But it gets more complicated and that's why newbies have to decide between this or that system and this or that light. I find it boils down to two main factors - ability to make an initial investment, and ability to deal with heat. If you can afford it up front, a good hps of say 400w and a digital ballast will be more economical over time because it produces more light per watt and it will produce more bud too. If you can't afford it, then think about cfls. My point here is, don't even go cfls if you can swing the hps, because they will bring you more hassle and more cost, but less bud over time.
As for heat, that may be a downside for the hps. How hot it gets under that light will be a direct function of the temp in the room around it. If you have your grow in a closet in a bedroom, and you know that room will reach 80 degrees, its not a good grow area especially for an hps. But if you can keep that bedroom in the 60s for the whole grow, whether by climate, season or AC, a 400 watt hps in a closet will not cause you a heat problem. Of course the closet has to be open when light is on, and you have to have an airflow into and out of the closet.