where there have also been some lengthy discussions.
The borrom line is, You can only save energy that is being wasted, and induction motors are far more efficient at part load than salesmen would have you believe. The energy that can be saved is a portion of the iron loss of the motor and is greatest at no load. (The Iron loss is load independant and reduces with reducing voltage)
The theory of operation is that when the motor efficiency begins to drop, you can reduce the voltage applied to the motor, reducing the flux in the iron and the losses in the iron. Greatest savings are made on small motors operating for extended periods of time at zero load.
Note: Large motors are far more efficient than small motors and induction motors are still very efficient at half load.