Compressed air is one of the key utilities in manufacturing facilities, and the total installed power of compressed air systems in the United States is estimated to be about 20 million horsepower. Assuming the compressors to operate at full load during one-third of the time on average and the average motor efficiency to be 85 percent, determine how much energy and money will be saved per year if the energy consumed by compressors is reduced by 5 percent as a result of implementing some conservation measures. Take the unit cost of electricity to be $0.07/kWh.