Don't get me wrong, I am 100% in support of Trev's conclusion about voltage optimisation, it's just that particular bit of theory that he is a little mistaken about.
for resistive loads the power would reduce, but if used in a kettle etc then this would have no impact on overall consumption levels, merely that the kettle would take slightly longer to boil using the same level of energy.
There are energy savings for lights, showers etc as people basically just put up with slightly lower light levels, slightly reduced shower flows, but obviously these savings could also be achieve by using an 8W energy saving light bulb rather than a 10W, or running the shower on 1 setting rather than 2 (and it could be that it resulted in someone increasing the shower setting to compensate, thereby using more power not less).
The real claimed savings come from older fridges, freezers, pumps etc where it's claimed that they operate more efficiently at 220V. Personally I've come to the view that this is a bit of a false saving, as much greater savings could be made by replacing these old fridges and freezers with modern high efficiency inverter driven models. I've also experienced pumps failing after introduction of VO as presumably they can't get the same pressure up as they used to be able to, and can't overcome the pressure drop in the heating system, or something like that (could be a coincidence, but the timing was very suspicious).
Combined with solar, Vo units will also enable the solar to power a greater proportion of a load such as a kettle boiling, as the energy input is spread over a longer time period, which is a minor impact, but still a benefit at some level.
VO units really work though in industrial settings with unbalanced supply phases, with VO units with variable voltage control on each phase designed to rebalance the phases. In this setting I understand there can be some fairly significant savings to be made, plus lifespan extentions on the machinery.
In most domestic settings though, I've come to the conclusion that it's not justified, particularly when you take into account the losses in the transformer. The exceptions being for houses with older swimming pool kit, with huge energy consumption from old pumps, dehumidifiers etc that are running almost continuously.