Is $2,500 to replace a pool pump a fair price?

My pool pump is old and making noises, indicating it's failing. I'm pretty handy and do basic electrical and plumbing work, so I'm considering replacing it myself to save money. I have other significant expenses coming up, including a new pool light fixture, a dog cyst removal, and leaking skylight repairs. My current pump is a single-speed 1 HP unit, and I'm wondering if a more efficient variable speed pump would be a better option that would pay for itself within a couple of years.