I agree your eletric bill will be sky high with a 1 HP, especailly as you will not be able to use most of the flow.
I have a one 1/15 HP Spa pump with salt water seals on my 240. It is rated at 3500GPH at 4 feet. My over flow can not handle that much flow, so I have to restrict the pump by about 1/4-1/3 I would guess.
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240G mixed reef, 29G SPS/LPS clam tank, 50G mixed reef
Current Tank Info: 300g mixed reef, 50g cube
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