Energy efficiency is the retrofitting or redesign of products that use power (appliances, vehicles etc..) which seeks to limit wasted energy use due to poor designs in these products while maintaining their functionality.
Energy Conservation is the process of eliminating wasted energy in general, and I believe that you could classify energy efficiency under it – it would also include turning off lights when not in the room, choosing alternative transportation to driving or setting your AC to 76F rather than 74F etc.
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