All modern VFDs now include overload protection. In general, the crossover as far as cost goes compared to a reversing starter is at about 10HP (or 5HP at 230V), so at 15HP, the VFD is going to cost you a little more. it still might be worth it though, because it does provide soft starting, which can save on wear and tear of your mechanical components, plus there is the POTENTIAL* for energy saving. You have to consider though that a VFD also adds a level of complexity to your control system considerations, something that may be problematic for some operators.
*Energy saving however only comes into play if you can ELIMINATE some other form of flow control that is wasting energy, the savings come from reducing that waste. So if for example you have a 15HP centrifugal pump and you have a throttling valve to control flow (or pressure), then using the VFD speed change to control that will reduce the energy wasted across the throttling valve. It's a common misconception that just using a VFD to reduce speed will save on energy.
"Dear future generations: Please accept our apologies. We were rolling drunk on petroleum."
— Kilgore Trout (via Kurt Vonnegut)
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