Test Shows 40% Reduction in Amperage Consumption and 35% Savings in Kilowatt Hours in Elevator Operation

LAS VEGAS--(BUSINESS WIRE)--April 20, 2006--Power Efficiency Corporation (OTCBB: PEFF - News), a developer and manufacturer of advanced energy savings technologies for electric motors, today announced successful results of a test conducted on an Otis Elevator Company installation at a facility in New York. Otis Elevator is the largest service provider of elevators and escalators in the world.

Using Power Efficiency's patented technology, the tests showed very significant energy savings, including an amperage (current) reduction of approximately 48% and an estimated savings in kilowatt hours of approximately 35%. New York State has one of the highest electricity rates in the country.

"This test validates yet again the effectiveness of our advanced technology for the reduction of energy consumption by electric motors," said Power Efficiency Corp.'s Chairman and CEO, Steven Strasser. "Saving over one-third of the electricity used by an electric motor powering a complex piece of machinery is an extremely significant accomplishment. These savings result in a very good rate of return and payback in the New York market."

Strasser continued, "This is following up on our strategy to develop our elevator and escalator business while entering industrial markets. We are presently involved in several installations and expect to release more test results in the coming weeks. We are targeting markets with high electricity rates, such as California, New York and Nevada."

Specific data from the test includes:

• Measured current reduction from 14 amps to 7.3 amps
• Estimated kilowatt hour reduction of 35%
• 15 horsepower electric motor powering a motor-generator elevator
• 208 volt power