You will see the same or slightly better performance from your machinery.
The advantage is that the current to the machines will be less allowing the
safe use of smaller wire size (as in cost of copper). If the wire size is
marginal now, you may see significant performance increase after the change
All things being equal, you can do longer runs with the same size wire.
Downsize is using more spaces in your sub-panel. Power won't be any
different unless your 120v wire is undersized now or you have one of
those Delta's with different windings on the motor.
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