Not sure where you live...here you can buy a 40# bale for 2 bucks in season.
Yes, it's convenience, but I'm not sure you'll have the same results as a tea, rather doubt it. You need to steep it.

I thought the pellets had a bunch of other ingredients (grains, etc.)besides alfalfa? @ least the kind I buy does - it's sold for rabbit food - & it's $5/25#. The pellets break down a lot faster than hay too.

Thank you both for your responses. Alphonse- I live in Northern California. Humboldt/ Trinity Counties to be exact. Guess it's just more expensive here. But... Would it be the same if I steeped the hay and added my own molasses?

The alfalfa pellets sold here don't have molasses, it's simply shredded leaves, highly compressed.
At $2/bale I mean right off the field when they're baling. You get all the stems too, not just leaves.
I don't see why your tea would be any different...if it has stems likely just need a bigger brew bin.

Check out Farm coop's, they are cheaper then many other outlets.