I am not an electrician, but...
In round numbers, and many motors are different:
a 1 HP motor requires 15 amps at full load on 120 volts or 7.5 amps on 240 volts
a 2 HP motor requires 30 amps at full load on 120 volts or 15 amps on 240 volts
...
A standard household 120 volt circuit is sized for a max 15 amp load. But electrical motors briefly suck up much more current when starting. Therefore it is recommended to ensure that the circuit can supply 20 to 25% more amps than the full load requirement for the motor. So, right there, a standard household circuit is inadequate for a 1 HP motor. Do people run 1 HP motors on 15 amp circuits? Yes. But it is cutting into the safety margins. You should always assume that your wiring was done by some kid who was hung over from last night's party. All too often, that's literally true. Overheated wiring can lead to a fire and that is generally not a desirable outcome.
Can you put in higher amperage household circuits? Sure, but the wire in the wall has to be a sufficient gauge to carry the current. Note that the same wire gauge can carry the same amount of amperage regardless of the voltage. Thus, if you are going to run wire through the walls to power a motor, you can safely use smaller gauge wire to power the motor at 240 volts. That saves money.
Craig
PS I don't believe that electric motors are generally more efficient on 240 v. 120 volts. But that is even further from my field of expertise.