A method of operating an electro-permanent magnet may include switching the electro-permanent magnet from an on state wherein magnetic fields of switching and permanent magnets combine to generate a first magnetic field having a first magnitude and a first polarity to a reversed state having a second polarity wherein magnetic fields of the switching magnets and the permanent magnets combine to generate a second magnetic field having a second magnitude less than the first magnitude and a second polarity different than the first polarity. The electro-permanent magnet may be switched from the reversed state to an off state wherein magnetic fields of the switching and permanent magnets combine to generate a third magnetic field having a magnitude that is no more than 50 percent of the second magnitude. Related electro-permanent magnets are also discussed.