The approach of using electric refrigerators with compressors and chemical coolants will soon be obsolete. G.E. has found a better way to cool a fridge using a water based fluid and magnets. It will also cool your electric bill down too.

The transition of the tech could contribute 20 percent more energy savings. Instead of using a chemical refrigerant like Freon, it uses a magnetic field to agitate particles in a water based fluid that causes a drop in temperature and in turn cool a refrigerator.

The process is actually more complicated than that, but G.E. isn't going to tell you exactly how of course.

The company is confident that a fridge like that could be ready for retail in as soon as five years. No word on price tag, but if you're going to shave tons off your power bill, we're guessing this might hurt your wallet in the beginning.