membership updated . . .
I'm not sure what sort of system you have now -- if you want better advice, you'll need to provide make, model, and voltage of your existing system.
If you happen to have conventional niche with a 12V feed, this may be a cheaper option for you:252 LED 12 Volt Color Changing Replacement Swimming Pool Light BulbAs far as replacement labor, again, it's hard to offer an opinion without more info. If your system can be fixed simply by dropping in a new LED unit, $850 might be high-ish, though it depends on the market.
But if the conduit from the junction box to the niche is in poor condition (common!) and the lamp cord is not free . . . $850 might be a real bargain. Likewise, if new wiring (and electrician service call) is required.
Good luck.
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