Energy-saving technologies have become more readily available for residential purposes. Such technologies can be classified into two broad categories: energy generation systems and consumption reduction solutions. In the first half of this paper, we analyze the feasibility of renewable energy generation systems at home. Our results indicate that although renewable energy can possibly fulfill a significant portion of a household's electricity demand, the costs involved will be a strong barrier to their adoption. Typically, it would take upwards of 10 years to realize a return on the initial investment in installing such systems. This strengthens the argument for government subsidies until manufacturing processes become mature enough to enable cheaper solutions. A more direct method of reducing home electricity costs would be to reduce consumption. In the second half of this paper, we analyze a simple means towards consumption reduction - switching to energy-efficient light bulbs. Our calculations indicate that compact fluorescent lamps (CFLs) are four times less expensive to run than incandescent light bulbs. This takes into account both the unit cost and the runtime cost of the light bulbs. The use of CFLs, coupled with a smart lighting system that automatically shuts off when not in use, may allow up to 83% reduction of household electricity consumption on lighting (or around 7% reduction of total electricity consumption at home).