A system and method for power efficient memory caching. Some illustrative embodiments may include a system comprising: a hash address generator coupled to an address bus (the hash address generator converts a bus address present on the address bus into a current hashed address); a cache memory coupled to the address bus (the cache memory comprises a tag stored in one of a plurality of tag cache ways and data stored in one of a plurality of data cache ways); and a hash memory coupled to the address bus (the hash memory comprises a saved hashed address, the saved hashed address associated with the data and the tag). Less than all of the plurality of tag cache ways are enabled when the current hashed address matches the saved hashed addresses. An enabled tag cache way comprises the tag.