Steve,
I wonder... if you put the entire house on a dimmer, how much money could you save?
Would that be a large rheostat or a Triac/Diac based thing?.
One thing I do know is that motors do not like being under-voltaged.
Anyone with AirCon will tell you that any under-voltage will trip out an A/C unit just like that.
While the voltage may drop, the current rises in sympathy.
It is also harder to start an A/C unit with a lower voltage, without tripping breakers.