Quote Originally Posted by DAK1640 View Post
It is AMPS that spins that meter...
No... actually it is watts. You get billed by the kilowatt-hour.

You can cut the amp draw in half by doubling volts (Power = Volts x Amps). The savings is not because of the amp draw being cut, but because things are a little more efficient at a higher voltage. You don't have quite as many losses from wire resistance and such.

If it was the same efficiency, you would gain nothing by going to 240V from 120V.