well to make it simply put, 240v is more efficient than 120v. heres why, with examples and math!
the water analogy:
lets do a thought experiment. imagine a stream with a dam in it. at the bottom of the dam there is a pipe that spins a little water wheel as water goes through the pipe.
so the weight of the water behind the dam is the force that pushes the water through the pipe that spins the wheel = voltage
the amount of water that goes through the pipe = amperage
how fast the wheel spins = wattage
the amount of force it takes to make the wheel spin = resistance
neat huh?
so lets say it takes one stream flowing at 120gpm (120volts) to push 10 gallons (10 amps) through the pipe (the wire!) to make the wheel spin at 1200rpm (1200watts). this is a badass water wheel, i know, but this is just an example so bear with me here.
since everybody is going green these days lets see how we can make that wheel still spin at 1200rpm but without using so many gallons of water....
since i have godlike powers in my imagination im gonna draw a line in the sand here a make ANOTHER stream, flowing at 120gpm (volts) into the picture here. so now we have 2 streams feeding the little pond behind our dam... this would mean that now we have 2 streams flowing at 120gpm that add up to a total of 240 gpm (240v works the same way, its 2 legs of 120v)
so now we have water flowing at 240gpm (240volts) to push 5 gallons (5 amps) through the pipe (the wire!) to make the wheel spin at 1200rpm (1200watts), by increasing the amount of force pushing on the water in the pipe we have made less water do the same amount of work...
when dealing with power, amperage is inversely proportional to the voltage. the higher the voltage, the lower the amperage.
BUT since the power companies bill you for wattage (there not stupid lol) not amperage, what you end up with is this:
watts = amps x volts
1200w = 10amps x 120volt
1200w = 5amps x 240 volts
so how does this benefit me you ask? well like this-
notice the wattage stays the same, and the amperage decreases when the voltage increases
since your wire in your walls and your breakers are rated for AMPERAGE, this means the higher the voltage you have the more lights you can add on the same wire before it will overheat!
you are DECREASING the amount of current (amperage) while INCREASING the amount of electromotive force (voltage)
edit/ps-
now some people will say but i switched to 240v ballasts and noticed savings in my power bill? how is this if im being billed for the wattage not the amperage?
dual phase 240v ballasts have a more balanced, linear load. 120v ballasts have an unbalanced, non linear load. the single phase ballasts create a spike in current during the 60hz cycle. please dont ask me to explain that though... it would take like 3 pages lol