Yes it will. The motor that came with the Northstar is also a high efficiency motor so high speed you probably won't see much of a difference. However, on low speed, you will see a very large difference in power usage but you will also need to run the pump twice as long for the same turnover. Even so, you will likely save over 50% in energy on low speed.
I checked with my electricity provider, they are providing rebates for variable speed motor, and not two speed, that's surprising, this is a two speed motor only.
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