I agree with everything said above, except that 2-pole in my experience are less expensive (initial cost), then 4-pole of the same horsepower.
4-pole does a little worse on power factor and a little worse in core losses. 2-pole does a little worse in friction and windage losses.
If you start looking at efficiency, don't ever overlook the driven load which usually is where most of the losses are. (motors typically above 95% efficiency, pumps often 60% efficiency). The losses in the pump are tied to how it's sized and speed is a big part of that whole process.
I agree with the last two posters on the subject that 2-pole motors by and large cause more maintenance costs over their lifetime than 4-pole motors. 20% of our machines cause 80% of our maintenance. Of those 20%, 80% are 2-poles wherease only around 50% or less of all our machines are 2-poles. In other words, a disproportionate share of our problem-machines are 2-poles.
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