Some here have reported a slight increase in fuel economy in highway driving. Since the stock fan has a thermally activated clutch that only fully engages the fan when the radiator is getting too hot, it's hard to see that you would experience enough gain to make it worth the trouble. As for power increase at the rear wheels, I doubt that a stopwatch would see any difference, let alone the seat of one's pants. But it probably makes for a fun project.
It's pretty well impossible that the fan absorbs 10HP from the engine, but let's say if it does, it's because that's needed to get enough air through the rad to keep temps down. No electric fan that would fit in the car can produce 10HP. That's equal to 7460 watts or 574 Amps at 13Volts. Er....don't think so.
Typical electric cooling fan load is ~30Amps in continuous operation; that's about 1/2 HP. If we say the engine-driven Volvo fan is 3 times as 'powerful', it's only drawing about 1.5 HP.
Anyone who can "feel" that difference should rent their butt out as a dynamometer!
My 745 V8 has a 960 Volvo electric fan, but that's because the engine never had provision for a belt-driven fan. Its original application (Firebirds and Camaros) used dual electric fans triggered by the engine computer. It seems to do the job, with the huge, 3-inch, custom aluminum rad.
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Bob (son's 81-244GL B21F/M46, my 83-244DL B23F/M46 and 89-745(LT1 V8): dtr's 94-944 B230FD; hobbycar 77 MGB, and four old motorcycles)
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