I don't consider $1.2M/year to be a minute amount of money.
Any number can look impressive without context.
Let's divide that impressive $1.2M per year by 12 months and then by the 1 billion uniques that Google is getting per month. This will give you the grand total of a fraction of a cent per user per month saving.
And seeing that this is distributed globally, there is no power plant that will see any significant drop in power generation even if the whole world switch over.