Electrical wiring / well pump question.

I think I have a plan but I want to make sure this is going to work before I order it.

Here are the detail on the well pump -

2HP
Externally regulated gen requirement 7.5Kw
Internally regulated gen requirement 4
240
13.5 max service amps

Right now it is connected off of a double pole 40A breaker.

I'm hoping this will work as a transfer switch - I'll have an electrician install it but I want to make sure I have the right part on hand when I set up the install.

http://www.reliancecontrols.com/Prod...il.aspx?CSR302

MODEL	CSR302
MODEL DESCRIPTION	Easy/Tran
MAX. GENERATOR RUNNING WATTS	7500
PHASE	Single
MAX. SINGLE-POLE CIRCUITS	2
MAX. DOUBLE-POLE CIRCUITS	1
MAX. COMBINED LOAD @ 125 VAC	60
MAX. COMBINED LOAD @ 250 VAC	30
POWER INLET, NEMA	L14-30
RECCOMMENDED CORD SIZE [gauge]	10
WATTMETERS	No
SHIPPING WEIGHT [lbs.]	11
DIMENSIONS H x W x D [inches]	8.75 x 7.5 x 6.25
CABINET TYPE, NEMA	Outdoor, NEMA 3R

I've also realized that a 7.5KW generator isn't going to be cheap. I hadn't expected them to be as expensive as they are. [panic]

I guess I should add that I've been looking at Honda generators which is where the sticker shock came from. Who else makes high quality generators that can be depended on?