A refrigerated vending machine provides separate power conservation modes for the cooling system and the panel lights. Power conservation for the panel lights takes into account whether the vending machine is located indoors or outdoors. The location can be indicated by a setting by the vending machine operator or may be determined automatically according to maximum brightness or color temperature. If the vending machine is outdoors, the panel lights are turned off when the ambient is bright (to save energy when the panel lights are not needed) and turned on when the ambient is dark (to attract customers). If the vending machine is indoors, the panel lights are turned off when the ambient is dark (since the room is presumably vacant) and turned on when the ambient is bright (indicating the room is in use). Optionally, an occupancy sensor can be used to turn off the panel lights if the room light is on but no one has been detected in it. The cooling system uses a conservation mode in which circulation fans are switched off so only items in a position to be dispensed first or second are kept at the desired temperature.