2 hp VFD, Single Phase 120V Input, 1ph/3ph 220V Output

2 hp (1.5 kW) VFD, single phase 110v/120v input to single phase 220v, 230v, 240v output, single phase to three phase, 7 amps.

Specification:

Tips: Variable Frequency Drive vs Soft Starter

If you need to vary the speed of the driven load, then a VFD is definitely the choice. If you are looking to reduce the starting current and the starting torque of an induction motor, then a soft starter can be selected.
If energy savings (reduced speed) is the issue a VFD will almost always be the first choice, but again the driven load, (VT) and application require review and sizing considerations. If speed control is the consideration then a constant torque load will require a VFD. The motor basics we have had to live with, NEMA design A, B, C & D are there for a reason as one design doesn't fit all applications. The controller is just another tool to use within it's limitations to provide the desired result for an application.
Soft starter - considerably cheaper than VFDs, much more efficient, does not require harmonic mitigation, but draws 3 - 4 times start current and does not offer variable speed feature. Understanding the application and exactly what you are trying to achieve would be the most important factor.