You need to run the pump long enough to turn the water over each day. Typically we suggest running it about 8-10 hours per day and you can break that up into two four to five hour sessions if you like. I'm not sure about monthly costs. Somebody else may be able to give you some estimates about that.
I will tell you that you could get by on a much smaller pump than what you have. 1.5 hp is WAY too big for your pool and is paired with a much too small filter.
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