I found this thread very useful on the N4 forums, so here it is for the Nexus 5.
First, what is undervolting?
No two CPUs are made equally, every one is slightly different. This means they each need a different minimum voltage to run completely stable, so manufacturers set it high enough so that every chip can run without needing a voltage tailored to that specific chip. But this means that most devices can have their voltages lowered, and still run 100% stable
What are the benefits of undervolting?
In my experience, heat reduction is the main benefit. However, this heat reduction has implications elsewhere; for instance it means the thermal throttling will kick in later, so there is less of a performance drop. Also, less power is wasted to heat, meaning marginal gains in battery life. If you cannot run higher frequencies, i.e. over 2.26GHz, undervolting/overvolting these frequencies may help.
Any disadvantages?
Not really - you may experience reboots and instability, but that means you need to raise the voltages. Also, make sure you don't check set on boot until you know the voltages are stable, but if you have any problems you can flash the stock kernel, or in worst case wipe the data from a recovery.
How do I undervolt?
Many CPU apps are available to change the voltages, but personally I use Trickster Mod (donate). Just slowly decrease your voltages, small amounts at a time, and set them on boot when you are happy they are stable.
If you want to really want to get your voltages perfect, you can set the min/max frequency to one you want to modify, and edit each frequency to perfection. To save time, I'd recommend starting with the highly used frequencies - many apps can tell you which your device uses most often.
CPU Binning
I know on the nexus 4 the cpu bin was related to the amount users could undervolt, and Im sure the case is still the same, so heres how you can find out your CPU bin: http://forum.xda-developers.com/showthread.php?t=2515593 It would be useful to include your CPU bin in your post.
Here are my initial voltages, running ElementalX v0.7, CPU bin 3 and PSX - please, feel free to share yours (and your knowledge);

Rules of the thread
Be nice to each other, use search if you have a question, and don't flame noobs for no reason.
It would be helpful to include your CPU bin and kernel in your post.
Also, if I have made any errors in the OP or you feel something should be added, quote this (so I get notified) and tell me, I'm sure theres a lot more information I could include!
First, what is undervolting?
No two CPUs are made equally, every one is slightly different. This means they each need a different minimum voltage to run completely stable, so manufacturers set it high enough so that every chip can run without needing a voltage tailored to that specific chip. But this means that most devices can have their voltages lowered, and still run 100% stable
What are the benefits of undervolting?
In my experience, heat reduction is the main benefit. However, this heat reduction has implications elsewhere; for instance it means the thermal throttling will kick in later, so there is less of a performance drop. Also, less power is wasted to heat, meaning marginal gains in battery life. If you cannot run higher frequencies, i.e. over 2.26GHz, undervolting/overvolting these frequencies may help.
Any disadvantages?
Not really - you may experience reboots and instability, but that means you need to raise the voltages. Also, make sure you don't check set on boot until you know the voltages are stable, but if you have any problems you can flash the stock kernel, or in worst case wipe the data from a recovery.
How do I undervolt?
Many CPU apps are available to change the voltages, but personally I use Trickster Mod (donate). Just slowly decrease your voltages, small amounts at a time, and set them on boot when you are happy they are stable.
If you want to really want to get your voltages perfect, you can set the min/max frequency to one you want to modify, and edit each frequency to perfection. To save time, I'd recommend starting with the highly used frequencies - many apps can tell you which your device uses most often.
CPU Binning
I know on the nexus 4 the cpu bin was related to the amount users could undervolt, and Im sure the case is still the same, so heres how you can find out your CPU bin: http://forum.xda-developers.com/showthread.php?t=2515593 It would be useful to include your CPU bin in your post.
Here are my initial voltages, running ElementalX v0.7, CPU bin 3 and PSX - please, feel free to share yours (and your knowledge);

Rules of the thread
Be nice to each other, use search if you have a question, and don't flame noobs for no reason.
It would be helpful to include your CPU bin and kernel in your post.
Also, if I have made any errors in the OP or you feel something should be added, quote this (so I get notified) and tell me, I'm sure theres a lot more information I could include!
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