If you stay with a 5v supply, the cost for the relay goes up to around $2.60 at Digikey; there isn't the demand for 5v relays as there is for 12v. Here's an example relay:
http://www.digikey.com/product-detail/en/EC2-5SNU/399-11053-5-ND/4291119
Avnet Express has a better price on them:
http://avnetexpress.avnet.com/store...-1&storeId=500201&CMP=KNC-Supplyframe_VSE-T11
[eta]
The trouble with using just about any kind of all-semiconductor solution is that when power is turned off, the last state of the switch being thrown is lost; when powered up again the LEDs will be in an unpredictable state. You would have to throw each switch on your control panel in order to ensure that your LED displays are correct.
With a latching relay, this doesn't happen; the last state of the switch throw is saved, no matter how long the power is off.
Additionally, logic ICs are prone to "glitches" when sharing power with inductive loads - like your model RR turnout motors.
http://www.digikey.com/product-detail/en/EC2-5SNU/399-11053-5-ND/4291119
Avnet Express has a better price on them:
http://avnetexpress.avnet.com/store...-1&storeId=500201&CMP=KNC-Supplyframe_VSE-T11
[eta]
The trouble with using just about any kind of all-semiconductor solution is that when power is turned off, the last state of the switch being thrown is lost; when powered up again the LEDs will be in an unpredictable state. You would have to throw each switch on your control panel in order to ensure that your LED displays are correct.
With a latching relay, this doesn't happen; the last state of the switch throw is saved, no matter how long the power is off.
Additionally, logic ICs are prone to "glitches" when sharing power with inductive loads - like your model RR turnout motors.
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