A method and system for determining element voltage selection control values for a storage device provides energy conservation in storage arrays while maintaining a particular performance level. The storage device is partitioned into multiple elements, which may be sub-arrays, rows, columns or individual storage cells. Each element has a corresponding virtual power supply rail that is provided with a selectable power supply voltage. At test time, digital control values are determined for selection circuits for each element that set the virtual power supply rail to the minimum power supply voltage, unless a higher power supply voltage is required for the element to meet performance requirements. The set of digital control values can then be programmed into a fuse or used to adjust a mask at manufacture, or supplied on media along with the storage device and loaded into the device at system initialization.