I had researched beet pulp when I realized I had to take my old guy off hay and this is what I found.

If you are unable to get good quality hay Beet pulp is a good alternative. It is classified somewhere between a forage and a concentrate. A full size horse (1200 lbs) should be fed no more than 6 lbs of beet pulp a day broke into two feedings and then soaked. It is recommended that Shredded beet pulp should be covered and soaked for 12 hours, than drained. If you chose to use cubed or pelleted beet pulp they say to use twice as much water and soak it for 24 hours. By soaking the beet pulp you will prevent a horse from possibly choking on it if they consume it to quickly and then it expands in their throat. It is also recommended that if you have a horse that is insulin resitance, or has cushings disease that you drain the extra water off after soaking to remove the excess sugar. You also don't want to over feed beet pulp since it is high in Calcium and low in phosphorus. This can cause growht problems in young horses and in all horses can cause kidney stones and intestinal enteroliths.

Nutritional information:

Digestable energy: 1,060 kcal/lb
Crude Protein: 8.9%
Crude Fat: 0 .50%
Crude Fiber: 18.2%
Calcium: 0.62%
Phosphorus: 0.09%
There are many options to feeding a horse and their is not on better than the other you just need to make sure it works with your horse.