Motor systems are by far the most important type of electrical load, ranging from small fractional horsepower motors incorporated in home appliances to multi-megawatt motors driving pumps and fans in power plants. Motors consume over half of total U.S. electricity, and in industry they are responsible for about two-thirds of the electricity consumption. In the commercial and residential sectors, motors consume slightly less than half of the electricity. The cost of powering motors is immense, roughly $100 billion a year in the United States alone. There is a vast potential for saving energy and money by increasing the efficiency of motors and motor systems.