I know a guy who worked for the UI, there was one company I forget there name but they had some massive electric motors. When these motors started the surge would actualy cuase brown outs and they would get complaints!
Seems like a scam. The best way to save on the electric bill is to use less of it. Turn off all lights when you are not in the room, install engery saving appliances. Heck even hanging cloths up to dry vs putting them in the dryer.