Yes, 240v will save you money but not a lot. IMO, not enough to overly justify getting all 240v gung ho.
It has to do with watt loss. Also called power loss, copper loss and winding loss. There is also such a thing as iron loss which is also known as core loss.
Watt/Winding/Power/Copper loss comes into play with a resistive load. (baseboard heaters, water heaters, clothes dryer)
Iron/Core loss comes into play with an inductive load. (ballasts, motors, anything with a ferrous core)
It would probably help to know the difference between a resistive load and an inductive load but you guys can google it if you really want to know. If your even remotely interested in electricity, it would benefit you to know the difference between the two.
Iron loss is due to 2 things. Hysteresis and eddy currents.
Copper loss = Energy dissipated in the form of heat due to the resistance of the wire or element.
Hysteresis = Magnetic friction in the core.
Eddy Currents = Electric currents induced in the core.
This is why digital ballasts are
INSANELY more efficient than Magnetic "Core&Coil" ballasts. I find it funny when 240v zealots are running all mag ballasts....
Actually, <whatever> loss is energy being dissipated in the form of wasted heat, thus not utilized by the source load (because it never gets there, ie - bleeds off as heat).
That's why resistive loads are remarkably inefficient. You use an element with an insanely high amount of resistance (tungsten filament in a light bulb) and when you apply current to it, the electrons have an extremely hard time moving through it so the high resistance material gets insanely hot (due to friction between electrons and tungsten). Then it starts to glow, thus providing light. Did you know that the temperature of a light bulb filament is the same temperature as the sun?
Math is an indisputable way to confirm Copper loss by way of Ohms Law.
P = I² x R
We'll use one 1000w ballast as an example. Lets just say that this ballast draws 8.3A @ 120v and 4.16A @ 240 (Ohms Law again).
We ran a dedicated #14 AWG circuit to feed this ballast. It's a multitap ballast, meaning it can run at 240 or 120. What should I use? Doesn't really matter but since we are talking about copper loss, lets figure it out. The distance from circuit breaker to receptacle is 78 feet. So that's 78' of 14/2 romex.
I go to Chapter 9 Table 8 in the NEC. I find out that 1000' of #14 CU has a resistance of 3.07 Ω. So that means our 78' has a resistance of 0.24 Ω
120v circuit:
(8.3 x 8.3) x 0.24 = 16.53 watts lossed
240v circuit:
(4.16 x 4.16) x 0.24 = 4.15 watts lossed
Holy crap! That's a lot right?
Wrong.
Take the difference of the two to see what we are "missing out on" by running at 120v, which is 12.38 watts.
Savings = 12.38w x 12h x 11centsperhour / 1000 = 0.0163416
You save a penny and a half per day on a 12 hour bloom cycle billed @ 11cents pKWh by running @ 240v...
I'm gonna switch right now!
Not.
Lets put it another way. If you really love wriglys Juicy Fruit gum and it costs 1.29 at your local supermarket, after running your light @ 240v for
947 HOURS
you can get a "free" pack of gum. Sweet!!!! Juicy fruit, is gonna move ya'. It's a song, sing it loud, the taste is gonna move ya!
BTW, that's a bad Ohms Law wheel. Didn't notice til just now. "V" should be "E". As in
Electromotive Force