Relays are normally operated at current level where it can initiate the mechanical metal contactors movement. After contacts has been established, the current level needed to keep the conductor plates stay attached is actually smaller than the current to initiate it. This power saver circuit seems to have opposite mechanism of surge protector. This circuit provide surge current to initiate mechanical movement, but after that, this circuit throttle the current to save the power, provide lower current level just to keep the contacts stay attached. Here is the schematic diagram of the circuit:
The mechanism of this circuit is similar but done in opposite way with current surge protector. If we use a varistor with negative coefficient, here we use a kind of varistor but with positive coefficient, where the resistance increases as the temperature increase. This kind of varistor is actually an incandescent bulbs, two bulbs in parallel. At cold temperature, this bulbs has very low resistance, this make sure the relay will has sufficient power supply to initiate the mechanical movement of its contactors. After the relay works, the rise of bulbs temperature will make the current decreased to a lower level, saving the power while maintaining the contactors stay attached. That’s all the mechanism of this power saver circuit.