Replacing WF-12 with an Intelliflo

[LordZedd]

I have a 3HP Pentair WF-12 and one of the bearings is shot so I'm in the middle of replacing it, during my research it seemed like changing it out with a variable would pay for it self in like 6-12 months. I'm still going to fix this pump because it is worthless in its current state, but the monthly cost savings seem to good to pass up. I only have the large pool, no spa, no heating.

So my questions are: Am I missing anything? Any reason I shouldn't? What do I need other than the $850 pump, do I need a new timer/breaker or can I just set it to always on and control everything from the new pump?

Here is an album of my pool equipment --->http://imgur.com/a/82Tv2

-Thank you for your Help