Are you sure about changing the VS? If you examine the VS and motor for the 1.5, you'll find that the motor is really a 3 phase, 220 v. The VS converts 110 v to this configuration and I think conversion to 2 hp motor may just be a matter of re-programming the VS for the new motor and input spec plus re-wired for 220 input. If that's the case, upgrade would be much less expensive. I'd examine this option a lot more closely. I have the 1.5 and sometimes wish I'd gotten the 2 hp. Didn't have 220 in shop at the time but now I've put a new service box in with room for another 220 v circuit. Been thinking about this option myself.