The thing is that only an idiot would straight wire the output to the input without a regulator there. In an ideal situation you'd be running a constant in/out equals to 20x your edited power consumption, meaning you wouldn't be costing anything. With just a bit of wiring you could have something that automatically scaled the power flowing through the device up or down to constantly maintain a level equal to 20x your desired load.
Really a lot of what would be done depends on the size of the device. A big problem I a lot of the more awesome technologies we're currently developing (power armor, invisibility cloaks, etc) isn't that they don't work, but the simple fact that they either require being hooked to a big huge generator or need to be recharged every 10 minutes. If our device is small enough to carry, that opens up a whole new level of technology that we just couldn't feasibly power before.
Also space travel. We've already got a few designs for space elevators or similar launchers that just consume constant electric power instead of requiring absurd materials to build, and our device plus an impulse engine means huge decreases in weight requirements for space craft.
Lastly we'd no longer necessarily need to suffer the end of the universe, because infinite usable energy lets you reverse entropy and other universe destroying factors through adequate energy supplements to the right places in the right ways.