Whenever you put power meter and other electronics into the same sentence, prepare to spend some significant cash.

I have a Powertap P1 power meter, a Garmin Edge 520 for my bike, a Garmin 735XT, and a Scosche Rhythm+. All-in retail is $2,030.

I have both the 735XT connected to the P1. The Edge 520 uses the Rhythm+ for HR. The 735XT has built-in HR. The 735XT can broadcast its HR to the 520, but I decided not to do that and just stick with the Rhythm+, since I already had it.

My recommendation for the PM is to get something that measures total power (hub, chainring, spider, or pedals). The single-sided PMs might be significantly off of you have a L/R power imbalance. This only really matters when you are analyzing your power at speed relative to others, which is a highly inexact science anyway, but it helps to have a more accurate measure of power.

Regarding electronics, there are tons of options. I had a 910XT before the 735XT, and that could have done it all with a quick release. I just like the option of the dedicated bike computer.

Thanks. This is helpful. Breaking the bank was meant in a relative sense but point well taken.

I have massively broken the bank. I got into triathlons in December, kind of out of the blue. It was originally going to be a one-and-done thing, so my planned spend was going to be just one race registration. Then I discovered how much I like biking, so I bought a bike. Then, I needed a better trainer. Then, I needed a wet suit. Then, I needed a computer. Then, I needed better brakes, Then, I needed a faster helmet. Then, I needed a tri suit. Then, I needed a power meter. Then, I needed a new watch. Then, I needed wheels. Then, I needed to sign up for more races...

All depends on what you want to spend. You can get away with a powermeter and something like a 910,920 or 735 and be done with it. I have the Edge 500 on my bike because I don't like having to glance at my 920 on my wrist.

I've only used the Power Tap but I love it because Power, Cadence, Speed, Distance, Time, and HR are all monitored and recorded in one unit. I had it built in an 808 which is a good compromise, fast enough to race with, durable enough to train with, and I can put the wheel on another bike and have power on my road bike. If you're hard core and can't give up your disc for racing you can go with another option of the pedal or crank systems.

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Every night that I run, the thought crosses my mind that there's no way in hell I'll still be running a month from now.

I got started with a wired Powertap and home-made disc cover ($100 on eBay + $20 for the cover) and then a 2.4 wireless ($250 on eBay with a $100 wheelbuilder removable disc cover). These options don't cost much and are pretty darn reliable, but won't get a lot of oohs and aahs at the group ride until you ride away from everybody because of your 2x20s and 90 minute big-gear-on-the-flats training. :)

Now, I'm looking at a PowerTap C1 so I can ride a bigger selection of wheels (ironically, sometimes its nice to use slow wheels so the speed differential isn't as big). I'm also going to try to upgrade the 2.4 to 2.4+ because I want to use Golden Cheetah/Aerolab and am having issues with the 2.4 computer and file imports.

So, you don't have to spend a lot. eBay is definitely your friend, especially if you buy older, reliable stuff. Training with power diligently will definitely make you fast!

Do avoid the single-sided meters. 5 or 10% discrepancy because of shifting leg imbalance over cadence and fatigue is enough to turn an interval from just right to too easy/hard.

SRM DA 9000 power meter
Garmin Edge 520
Garmin HR monitor
Bontrager Duotrap speed sensor (used only for trainer rides)
Garmin 920xt (for running and swimming)
Garmin footpod (for treadmill)

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blog

Garmin Vector 2
Garmin 500 Edge on the bike
Garmin 920xt on my wrist.

Great, another thread for everyone to front door brag about how much extravagantly expensive shit they have on their bike...

 
I have the Garmin Vector 2 power meter pedals, it is the dual sided setup. Got them very lightly used for $600 from a riding buddy. They take care of cadence as well. I have a Garmin speed monitor for the rear wheel that I use indoors.

I use the Schoshe optical heart rate monitor, wear it above my bicep, it is covered by my jersey sleeve.

Computer to track it all is a Garmin Fenix 3 Sapphire.

I bought the Fenix 3 while I was still interested in triathlon, it serves a lot of purposes. Smart watch, bicycle computer, running, swimming, etc. and also serves as a fitbit activity tracker.

Now that I am transitioned to cyclist only I do wish I had a Garmin Edge sometimes. Having the Fenix on my wrist for biking and no computer didn't bother me at all until I got a power meter. I don't look at the watch often while riding. But when I am on a sustained climb I like to watch my power numbers and that is a bit less convenient with a wrist mounted option. I may pick up an Edge 500 or 520 at some point, but I haven't been able to justify it so far when the Fenix does everything so well.

Powertap hub would be a great way to go if you don't want to 'break the bank'. You can find them on the classifieds here or in eBay built into good wheels as well.

I started with a Stages v1 which ended up going back, I also picked up a used Powertap hub for less than half what the Stages cost me and IMO was twice as good.

Now I use Powertap P1 pedals which are so easy to swap between my road and TT bikes, 510 bike computer and 920 watch. For HR I use a HRM-Tri.

People have spent decent $$ on their set ups but there are ways to get it done for much less and without compromising too much.

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I ride:
Cervelo - P-Series/R3
GT - Sensor Carbon Expert

Supporters - Flo Cycling, Mount Bikes

I asked because I was genuinely interested. If you don't think any of this is necessary, I would welcome your suggestions. I'm not interested in the fanciest gadgets, just trying to be the best that I can be. I thought a power meter might help me in that regard but wasn't sure about what else that would entail.