kbuy999, none of this has any bearing on your problem. I do not work on submersible pumps, but I don't think I've ever heard of a submersible pump having a capacitor, just jet pumps. The cost of pulling the pump for this problem is just not justified, but, you may be in the beginning phases of a pump failure.

I have a submersible pump for my well and I have a UPS. The pump has never cause a voltage drop for me. A voltage drop of this magnitude tells me that the pump has a lot of drag, causing a much higher than normal inrush current and thus the excessive voltage drop. This is only a theory though, but if I were you, I'd start budgeting for a new pump, and if it turns out that you don't need one, then use the money for a vacation.