Insulation "Class" has to do with temperature rise, not voltage spikes. VFD controlled motors should have higher VOLTAGE ratings on the winding insulation, but that is NOT reflected in the class rating. Class F is a really good idea, but not an absolute. If for instance your pumps are in a well ventilated space, Class B would probably be fine. Class B means it can operate in a continuous environment of 40C and allow the winding temperature to rise by another 80C. If they are not, i.e. they are in a hot mechanical room, you need to evaluate the ambient situation and the extra heating effects the VFD operation will have on the motors. When a motor is slowed down with a VFD, any cooling fan (if part of it) slows down as well. At really low speeds, i.e. below about 40%, motor fans can become completely ineffective. But HVAC pump applications rarely if ever call for speeds that slow, because the pumps cease to work as well. You can also just add separately powered cooling fans to the motors that do not vary speed with the motor speed if the pumps will run at slow speeds for long periods. This is done all the time.
The voltage spike issue is separate. IF you are running these at 480V, it will definitely be an issue that must be dealt with. But you can get very effective load filters that can be easily added downstream from the VFD that will protect standard motors for probably longer than anyone cares about in an HVAC system. Some VFDs even have filters built-in to them anyway, especially some of the more common "HVAC" drives, because the retrofit market for older existing motors is huge. That's the first thing I would check in to. The next thing to check is if the motor mfr used the same "spike resistant" magnet wire anyway. Some of the bigger motor mfrs are doing that now, because they buy it in enough bulk that it makes economic sense for them to not have to inventory different styles of wire. "Inverter Duty" motors have that type of wire, and incidentally they also only tend to use Class F just because again, it wouldn't be economically feasible to have special wire in lower insulation class when the difference in cost is probably insignificant. Inverter Duty motors have other benefits that would have made them a good idea, but not so much that I would tear out perfectly good working motors, especially new ones.
If your system is 240V, chances are you may not even need to be concerned about it unless you have some extreme distance from the VFD to the motor, i.e. over 150 feet (that's an arbitrary number). I know people who say this isn't true and the spikes created on 240V systems can damage motors as well, but my experience is that this problem was never noticed until it started to become a problem on 400V class systems, then the research came out to claim it happens on 240V as well. That may be theoretically true, but how is it then that so many millions of 240V motors survived for so long until then? I think it's a bit of a red herring promoted by magnet wire and filter manufacturers. Adding filters will not hurt ad there are other good reasons to do so, but if you are in a tight spot, you may consider "going commando" with those motors.
Either way, I see no reason to go to the expense of a prophylactic change of the motors. If they are 480V and need filters, just add them. If they are 240V, see how long they last and THEN replace them with better versions.
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