I would think carefully before you expect to keep a 700 gallon system cool by evaporation. If you are planning a typical system with halides and lots of circulation, you will be evaporating quite a bit of water every day to keep it cool. I'm thinking 5 up to 10 gallons per day. Where is all this water going? On hot days, your AC will take some of it out but you will work your AC extra hard. On less than hot days, where is it going? Do you have a way to get that moisture out of the house?
Either your house will be a humid as a swamp or you will have to run dehumidifyer(s). These are costly to run as they are basically an air-to-air chiller. My question is, why not plan on using an aquarium chiller in the first place? Better yet, place the chiller outdoors to put the heat that is taken out of your tank right outside so your AC doesn't need to take the heat out of the house air.
That Aquamedic chiller is a great chiller. It is more efficient than most on the market but is a 1/2 horse chiller big enough for your system? I don't know, it depends on your lighting and circulation pumps. I can tell you rhat a 1/2 horse was barely big enough for my 500 gallon (total with fuge, sumps, frag tank, etc) system with 750W halides on the main tank and 500W of lights on the frag tank. I ended up getting a 1 HP unit and am very happy with it (bigger can be better)
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No matter what you get, compare the efficiency of the chiller you are getting. Divide the HP of chilling capacity by the amp draw to get HP/amp. the 1 HP unit I have draws 7.5 amps which is the most efficient chiller I could find at the time (last spring). Some 1/3 HP units draw more power than this 1HP unit. It cost more than some of the other 1 HP units on the market but I have made that cost up in electricity savings already...
Give me an idea of the lighting and pumps you have or will have on your system and I can help you compare it to my system so you can make an educated guess on if the 1/2 HP unit will work for you...