An autotransformer has a single winding that acts as both the primary and secondary winding. It uses a common winding to vary the output voltage from zero to the input voltage by adjusting transformer taps. Autotransformers are more cost effective than two-winding transformers due to savings in copper and core material from using a single winding. However, they do not provide electrical isolation between primary and secondary circuits and have higher fault current levels. Autotransformers are commonly used for voltage regulation in laboratories or motor starting applications.