I used 4 of the 4 ft phillips retrofit led in basic shoplights for my 60 gallon, which is a tall tank. I had 0 trouble getting medium light plants to grow. 8 hour photo period on one 12 hour on the other. Co2 and ei dosing. Actually the two finnex 24/7 4 ft are doing better but just slightly. Only reason I upgraded was I enjoy the automatic moon light and sunrise, so I can see my fish. I work weird hours, so there isn't a good time to set on off photo periods.
The key is to find the daylight bulbs, which go super quick in my area. Iirc the philips had a better color spectrum at 6500k with a cri of 83 and the Cree was 6000k with a higher cri of 93, however the crew was also 12 dollars more per bulb.
As for power consumption that would be true if ballasts were 100 percent efficient, which they are not. You are still using energy to power the ballast, which is lost as heat. Not a huge concern. If you go all the way and use the retrofit bulbs without the ballast there is considerable energy savings.