That is basically correct - four 12 volt batteries in series would be akin to a big 24 cell 48 volt battery.
Batteries are definitely not cheap for good ones. When you compare off-grid living to having grid power, off-grid is much more expensive. As an example, we have 24 Rolls-Surrette T12-250's, 2,400 ah. Our bank is about 58 kW and cost us $9,600. Our typically daily usage in our off-grid home is 22-24 kWh. Assuming we get 10 years from our bank, the cost for batteries per year is about $960. With grid power at 15 cents/kWh, that's 6,400 kWh of grid power per year, or 533 kWh/month.
We generate another ~1,400 kWh/year with the generator. We run our generator about 400 hours per year for standby (low power days), plus load support (our inverters have the capability to sync with the generator and power heavy loads with both generator and inverter power). Cost/kWh for generator power is about 50 cents, so that's another $700 a year, which would buy 4,800 kWh off the grid at the above price.
If you total the above numbers, you come up with 11,200 kWh/year, which is about what the average home uses in a year in the US for electricity (@ ~30 kWh/day) - JUST for what it costs us for batteries and generator fuel every year.
You have to have a different reason than saving money to live off-grid.
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Chris