Wellhouse - Pump Saver
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Pictured is a PumpSaver module. It's model 231 which is 1/3 - 1 hp, 230VAC. Available for about $650 from:
http://www.symcom.com/pumpsaver_catalog.php
It is typically mounted in the same steel box as the startup circuit that costs about $60.
http://www.do-it-yourself-pumps.com/franklin-electric-submersible-pump-control-boxes.htm