Ok I want to put in my two cents worth. I work in large paper mill we have all voltage mentioned above. 138000v from power co they reduce it to 13,800v where we take over. We even have some 25 hertz power too. 6,600v to 120v.
Most motor loads are 480 3 phase. We also use dc voltage for paper machines speed control. Now In thefew Years we use a lot of VFD Drives for AC motor speed control. VFD—variable frequency drive.
Now how this applies to op question. You now can purchase a VFD and supply 240v single phase and output 240v three phase if motor load is not to great. Another option instead of replacing motor.
Power company sells power by the amount of watts consumed. Single phase motors draw more amps per phase but only two phases so not as much savings as you think. Yes I think three phase motors are more efficient but greatest savings for large plants is in reliability,and installation cost. Motor size is limited in single phase systems also,why three phase is needed.
For one garage and a few tools my opinion is there will not be very much in power savings. The cost difference for panel and breakers and motor protection will be costly too. Check this out and talk to power co. I’m sure they will want extra for installation also.
If you are going full time business that may be different story.
Just what I think.
