Does the aircon temperature affect electricity consumption? How much electricity do I save by setting the home air conditioner temperature one degree Celsius higher? Let say from 23 degree to 24 degree. How many percent can save from electricity bill for each degree higher?  3 to 5 % cut?

Heard that running at 24 degrees, the compressor will work for much less time, leading to less power consumption. Once the desired temperature is reached, the compressor stops functioning, and only the AC fan works. The compressor restarts once the thermostat detects increase in temperature. Is that true? Is there any facts or data research on this?