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Hi Joe Demeo,
Thank you for using Just Answer.
We would not see any benefit to using this device. It certainly could be detrimental to use it.
Was the device specifically designed to be used with refrigerators? This might be device to use with other appliances.
If the compressor on any refrigerator receives less electricity than it was designed for then the life of the compressor may be cut short. The refrigerator will just have to work harder and longer to get to the same temperature it would have with the right amount of electricity.
Refrigerators with electronic boards (most have them today) can have the board confused by having less voltage and/or amps to draw from. When the boards don't work correctly you can have serious problems with the refrigerator.
If you have an older (more than 10 years old) refrigerator which will use quite a bit of electricity, you should be considering a new one. New refrigerators are designed to use much less energy than older ones. This would be the most cost effective way to deal with an older refrigerator. You may be able to calculate your savings (from making the change) and see how long it would take to reach the point that your savings are more than the price of a new refrigerator. Many people are surprised to find themselves ahead in 3 years or less.
Thank you for the accept and the positive feedback. Let me know if you need any more information.