What is your lighting? Is all of your equipment in air conditioned space?
I have 210 display with a total water volume of about 500 gallons. I have 3 250W HQI MH over the display. The other tanks are either on a reverse lighting cycle or have T5 lighting so they don't have a big impact on heat. In the summer, I put the chiller outside to remove the tanks heat from the house completely, otherwise all the heat the chiller takes out of the tank and puts in the inside air, your house AC needs to again take outside. In my mind, putting the chiller outside makes it 2X efficient as other setups.
I bought a 1/2 HP chiller originally but it needed to run continuously to keep my system cool. I exchanged it for a very high efficientcy 1HP chiller from Prime USA. At peak periods, it runs about 20 minutes out of every hour. The key for me was that this particular 1HP chiller draws only 7.5 AMPS. The 1/2 HP chiller it replaced drew almost 6 AMPS. So I am getting twice the cooling capacity for lamost the same electrical consumption. Just a quick check of chillers and you will see that some 1/4 and 1/3 HP chillers draw MORE power than my 1 HP unit. It costs a bit more up front but you will reap electricity savings over the entire life of the chiller.
A quick comparison of some chillers (prices all from the same online store, better prices on each can be found):
Current USA 1/3 HP Drop in - 7.41A/115V $766
Current USA 1/2 HP comercial - 6.0A/115V $1020
Current USA 1 HP comercial - 9.1A/115 $1362
Pacific Coast 1/2HP - 9.9A/115 $1020
Pacific Coast 1HP - 18A/115 $1400
You can check out Current USA http://www.current-usa.com/">http://www.current-usa.com/</a>
The initial cost of the chiller is minor to the on-going operating cost. I will estimate that my chiller runs 3 hour per day on average. This equals 36000 BTU of cooling per day. The anual cost of running the various chillers above assuming $.1 per KWH would be:
Current USA 1/3 HP Drop in - 9 hours - $279.93
Current USA 1/2 HP comercial - 6 hours - $151.11
Current USA 1 HP comercial - 3 hours - $118.49 per year
Pacific Coast 1/2HP - 6 hours - $249.33
Pacific Coast 1HP - 3 hours - $226.67
If I ran the math correctly, an efficient chiller saves me $100-150 per year in electricity. Of couse, this savings can be offset by getting a used chiller at a fire sale price. If you are buying new, it is smart to pay a little more (or in the case above, a little less) for a more efficient chiller.