The pills are actually cheaper. And the powder doesn't stay in solution in straight cold water, so I need to learn what I need as a carrier. I haven't researched it yet.
You must have a fantastic source for caffeine tablets then. I'm pondering purchasing 1kg of caffeine powder, I found a few sources online that sell that amount for about $300. Sounded like a lot until I figured that if I consume 1g a day, I get all the caffeine I need for $0.30 daily.
Straight caffeine is partially soluble in water, and it's enough for our uses, especially if you make a supersaturated solution. In boiling water, you can dissolve 67g of caffeine in 100ml of water. That concentrated of a solution would probably be a real pain to handle, but 20g/100ml probably would be easy enough to handle, and would be a great caffeine booster in drinks.
Of course, observe proper safety and handling procedures when working with caffeine. Caffeine is poisonous. Use a fume hood, respirator, gloves, etc. Measure your source caffeine carefully. Use sparingly. Etc etc etc.