Based on what I've learned over the last few months, I would say you have a big decision. Do you want a set-up that will allow you to grow a variety of plants, or did you just want to decorate with a couple of live plants. If your not going "full-fledge planted," then I would say you should just find some nice low-light plants. Then, you might be able to get away with your light. If you are going for a full planted tank, then you really do need a different light. There is an UNBELIEVABLE variety in lighting options, but they are kinda pricey. It won't be the $60 to $70 fixtures you may see at the store. I haven't actually seen a store that carries them, they generally order them upon request. You can also buy on-line.
If you do decide on new lights, post the info on here 1st to get opinions. There are a lot of lousy products that look like good ones.
Your options are T5, LED, and metal hilide. T5 is probably your best bet. LED is more energy efficient, though, so will save electricity in the long run.
T5 is just a type of fluorescent bulb. The "T5" just refers to the diameter of the bulb. You would look for one specially designed for planted freshwater. Mine have a white bulb and a roseate bulb, both play a different part in the health of the plants.
LED is cool because it very slim in its design and most good ones have some programming available to transition from regular light to blue "moonlight." Some T5 have this as well, but to get to that level, your probably looking at too much light for you tank (my opinion).
Metal hilide- cost prohibitive and hot. Unless you just want to spend money, I wouldn't factor into your decision making process.
There is much more to consider, but this gives you a starting point. If you DO want do take the plunge and buy new lights, then we can get into light spectrums, Kelvin ratings and all that.