This might be a good oportunity to switch to a two speed pump. The pump you are looking at is a Pentair CHII-NI-1FE which is a decent pump and fairly efficient.

If you are willing to downsize a bit, the CHII-N2-1A is an uprated 1 HP two speed with a little better efficiency on high speed than the CHII-NI-1FE because it is a slightly smaller pump plus it is two speeds. Running on low speed will save you a lot more in energy costs.

Do you have any other features that you will be running besides circulation? Waterfall, spa, cleaners, jets, etc.