Here's a picture of my setup which sounds similar to what you are looking for. I used these http://amzn.to/1UnqBQZ and hung them vertically as you see here. One nice thing about them is that they can plug into each and you can chain up to 4. They put out quite a bit of light and the included reflector really helps. I considered doing 4 with one light on each side but decided to start with 2 and see how it went.

Here is something that might not break your bank! It only uses one light and grow up to 16 plants http://growwithroot.com/products/root-smart-hydroponics-starter-kit

That starter kit is pretty cool but $299 is a little rough money wise. I think all total with lights and supplies I've got maybe $140. I like the look of that one though. I might actually be willing to take the plunge on something like that once I saw some feedback on what users thought.

Just be conscious with led lights that if you hang a light fixture vertically the heat won't dissipate as the design of the light intends, I.e the heat will rise up and if the light is vertical the heat will travel up the fixture and you might exceed the thermal dissipation design of the light and cause damage to overheating.

In my opinion LED spot lights are a good option.