Don't disagree that the hay hopper is very pricey (~$1200 ea). If you use the hay loss calculator (
http://www.noble.org/ag/tools/livestock/hay-ring/), the hay loss cost difference between the standard skirted feeder & the modified cone feeder (the most efficient feeder in their calculator), in conjunction with my inputs ($40/bale, 1200# bale, 15/mo, 4 mo/season) was $185/yr ($312 - $127). If I assume that the hay hopper would improve that savings by just 1% (expect that is low), then the savings increases to $209/yr. The difference between the hopper & a skirted standard feeder outlay is $950 ($1200 - $250), calculating the the amount of time to break even yields ~4.6 yrs ($900/$$209). I would say that is not a fantastic ROI, but given that I assume the life of the feeder is 6 yrs with some additional maintenance (ie coating the bottom ring with tar/asphalt sealer/spray-in bed liner), then the additional savings over the life of the feeder is $293 ((6 - 4.6) X $209). Certainly, ~$300 is nothing to go around bragging about, but it's still an extra $300 in your pocket over the life of the feeder & given hay availability is a real issue with me - just the fact you use less hay is a peace of mind advantage. In conclusion, it's not a "slam dunk decision" but neither does it fall into "this is a bad idea" IMO. My hope is that the hay waste approaches 2+%, another 2% more than the 1%increase over the modified cone feeder used in the Noble hay waste calculator I sighted above!