I was always under the impression that MH ran hotter than HPS...anyways one thing I learned recently is MH bulbs actually increase the nutrient uptake of the plants under them, so if you go for MH make sure you keep up a good fert regimen.
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Not really true. Â The plant growth habit is the only thing that is changed with the different lights. Â Nutrient uptake remains the same based on the same amount of plant mass.
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 I'm pretty sure you are correct when you say that pepper plants don't have a definite vegetative or flowering stage, but I do know that the type of light you use will help influence the plant under it (i.e. plants under a HPS are going to produce more than those under a MH bulb). Â
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HPS will not produce more than MH. Â They will produce the same given the same conditions and light outputs.. Â A CFL grow or fluro tubes will do the same as well. Â Now the big difference with this is HPS produce more usable light than MH for the same wattage. Â It is negligible but the difference is still there. Â
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I used a 250w HPS to OW some plants and that kept them producing all winter, when it came time to start seedlings I switched over to a 250w MH and it seemed to work just fine if not almost too well. Â I'm not sure if it's because I started seeds a bit early this year or if it was caused by the MH, but the seedlings grew up so fast that I had to pot them out early because they had used up all the nutes in the 3" containers they were in. Â This year I have both a 250w and 600w system at my disposal both HPS and MH so I'll experiment and see if the effects increase using 600w.
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Just my 2 cents