Yup, there’s a way, it’s called “Object Oriented” coding.
In Unreal 4 as in many other engines / SDK it takes the form of Class and Child Class.
An element in Unreal is a class with a set of properties (components, variables, functions).
If we make an element a child class of another element, it will *inherit *its properties (it will have them all and also give you the possibility to manipulate them / add new ones).
In your case, you want to have a BP_Light then have child classes of that class.
When you create a new Blueprint Class in your project hierarchy, you can open up a dropdown menu “All classes” and search for the classes YOU created. In your case you want to create new blueprint based on your BP_Light.
It will have all components, functions and variables created in the BP_Light (but some might be hidden, you can show them using “show inherited variables”).
At that point, you can do as many child blueprints of the light as you want (for example one might be of a different color than the parent class, another might have a different blinking animation and the last one might need to be powered up).
And there are many uses to the Object Oriented method, like function overriding / super calling but that’s something you’ll need to discover on your own / search for it.
Maybe something like this:
