Every situation is different, as in terms of savings, based upon how you plan to run your pump and electric costs. So selecting a 2-speed or VS pump will vary.
In my case, I replaced my 1hp Pentair SuperFlo with the 1.5HP Pentair SuperFlow VS.
Here is link to thread (see 2nd post) that shows a great table that compares cost of ownership for various pumps. You can download the excel spreadsheet from the 3rd posting, with link next to "
Pool Pump Tools*". You can edit this worksheet (must enable macros) to change the various things to your case, like electric power cost, run times, product cost, run speeds, ....
There are other spreadsheets included which can provide some great info.
I used the "Energy Cost" sheer to verify in my case that the 5-year cost of ownership of the Pentair SuperFlo VS was much better than a 2-speed pump for how I plan to run (low speed 24/7). Also, with the "Energy Cost" worksheet, you can select the pumps you want to compare by entering the "Pump Model" value for the column and it will fill in the data for the pump from the "PumpData" sheet (where you can get the Pump Model values. I edited sheet with my local power $, run times, rates, current pump costs, and compared the couple models I was looking at (couple VS, one 2-speed) and compared to my original pump. Very helpful in selecting my new pump.
As for power, the 2 speed SuperFlo (SF-N2-1A) uses 1276 W at 3450RPM, and 312W at 1725RPM, so you can see the major power savings. With the VS (342001), if you would use 130W at 1100 RPM, or 95W at 850RPM. So for me, these savings made sense for me to go with the VS.
There are some other advantages to a VS. For example, the Pentair SuperFlo VS you can program up to 3 time/speeds a day. So could come on initially at higher rpm to make sure skimmer pulls off surface debris, then go to lower speed for period to keep water flow (and meet SWG flow if you have one), then at maybe other speed for running vac. Can override these as well at any time. Also, has a "quick clean" button which will run a programmed speed to perform clean cycle, after which it returns to the programmed speed. I've used if I come out and we're going to swim soon and there are a lot of pine needles floating around - goes up to higher speed and sucks them out more quickly than when running at my lower rate. Some (not this one) have a freeze-protect mode, which will run pump when temperature gets near freezing - good for those that leave pool open all year.
Can't really lose with the upgrade to either. Just will say, that if you plan to ever go to a SWG, the VS may be a better choice, as there have been those that could not run their 2 speed at the lower speed when running the SWG because the flow rate was not sufficient. Would not have been an issue for me, but chose VS as I want to run longer (24/7 during peak season - use water jets at night to cool pool for example).
Finally, if you can figure out what the existing pump is, you can possibly select a pump which is "drop in" in terms of plumbing.
Edit - in terms of $$, in peak summer, I run my pump 24/7. With my new VS, this should save me about $80 or so a month (no hard #s yet, as I replaced towards end of summer and still tweaking RPMs.) I love the pump. Allows me to run at low rate during day to keep flow moving, and then if I need to clean surface quickly, I can hit quick-clean to boost speed up - was great when wind was blowing lots of pine needles down. I am very happy with purchase. A 2-speed would have worked as well. Even if I wasn't running 24/7 I would have gone that route as return-on-investment isn't everything- otherwise why own a pool?