Well, if the remote location doesn't have any internet access then I suppose that device would do, IF it can pick up a signal. You should be able to test that with your iPhone.
So the cost for the first two years is $450 + (24*60) = $1890. WOW!
If the remote site has a phone line here is an option:
Refurb Mac mini with modem $565.
Camera $450 (maybe more)
Wireless router $100
Dialup Service ($10 * 24) = $240.
Total $1355.
The cost of the electrical I skipped because I have no clue for that one.
I know there were routers that could dial up, but I'm unaware of them now. The one I had would occasionally lock up and require I cycle the power. Still, this may be an option to replace the computer with a less expensive alternative.
Note that there are many cameras available that can pan & tilt allowing you to see more of the location. The camera you mentioned does not have that feature. Also zoom is available on higher end cameras.
Only the remote site and its infrastructure counts in this converstaion. I assume you have internet access other places, like at your home.
If you get this working, let us know. I'd be curious to know how it can work.