I have a piece of 208VAC equipment hooked up to my homes 240VAC. Trick was a small boost transformer. But correctly sizing a boost transformer for a 5HP motor is beyond my knowledge, and possibly even cost prohibitive.
If you can't figure out a transformer, a new motor for it is going to be $500, and you are unlikely to find another solution cheaper then that. ( , mounting holes may or may not line up right).
Thanks for the reply! I just looked at the actual motor on the compressor (the tag is relatively well-covered and hard to get to) - looks similar to the one in your message:
5HP
60Hz / PH1
Volts - 208-230
RPM - 3450
Amps: 22.5-20.0
This looks like it should work on 230V, am I wrong?