I have installed both voltages for centrifugal pumps. A lot of the motors have simple methods for changing voltage. Either swapping a wire or two around or the position of a slide switch. Naturally the 120v draws twice the amps of a 240v. They have made it so easy that most of the time the pump installer will do all the electrical up to the timer or disconnect and all I have to do is the run to the panel and double check his work.
Submersable pumps generally run on 240v for residental but I have seen some smaller ones that run 120v in shallower wells.
Gene
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Remember - Speed kills and its not always you.