An apparatus and method are described for reducing power when reading and writing graphics data. For example, one embodiment of an apparatus comprises: a graphics processor unit (GPU) to process graphics data including floating point data; a set of registers, at least one of the registers of the set partitioned to store the floating point data; and encode/decode logic to reduce a number of binary 1 values being read from the at least one register by causing a specified set of bit positions within the floating point data to be read out as 0s rather than 1s.