Energy saving power strips, including advanced power strips and smart power strips, claim to reduce electricity consumption by preventing "vampire power" – the energy drawn by devices even when they're turned off. These strips can indeed save money, especially when multiple high-power devices are connected. Smart power strips use features like infrared sensors to turn off electronics when not in use, and some can be programmed to shut down devices at specific times. While they consume a small amount of energy themselves, the overall savings from reducing standby power make them a valuable addition to energy-conscious households.