There are much better lights for the same price or cheaper. A 500w halogen would be so hot it could probably fry eggs. Not good for a grow room. A halogen can work but I wouldn't recommend it.
if you want to go with the cheaper option then use CFL's, and here can you read everything abut them and witch to chose marijuanapassion.com/forum/showthread.php?t=8581&highlight=cfl+lumens