I doubt a 1 1/2 HP submersible pump will be that expensive. The major expense will probably be the labor. Not sure what it will take to pull the pump out and then replace it.
Should get some answers tomorrow.
Pulling a well, (pulling the hoses and/or pump out of a well), is a rather difficult task. In my relatively recent adventure, we did it twice.
The problem is the weight of the water in the pipes, multiplied by the length of the pipe. That stuff is heavy. It's lighter when you're putting it back in, but it's still very important to not let go.
Then you have to fill up the pipe with water, (called priming the pump). You'll need extra water for that.
The first water you pump will likely be a little bit turbid. That should clear up soon enough.
Then you can say, "There, that wasn't so difficult, was it?"