EXACTLY!
That is just a wattage measurement.Just because it is 700 watts doesnt mean it is 1HP.Just draws alot of wattage since it has so much refrigerant to keep the evap temp low even with hot condenser air blowing on it.
BTW you probably want at least a 1/4HP compressor.
I use a dual staged system with a 1HP compressor and a 3/4HP.
That is just a rating though.The 1 HP was a 13,500BTU a/c unit.
Since I have a 13,500btu compressor and a 8000btu it should be 21,500btu.But in my application it isnt going to be removing that many btu's,I dont have that much refrigerant in it.So it will be removing as much btu's as I need at the lowest possible temp.So my system charged the way it is may only handle a few thousand btu....
Much better to rate by BTU's than watts the compressor takes or HP rating.
Ok enough babbling