No, because "electricity" is no longer synonymous with "lighting." It's possible to be less formal, but it's hard to phrase it in any shorter way. I am trying to imagine my wife looking at the electric bill and saying something to me: "We have to cut our electricity use." Reduce -> cut, consumption -> use, that's about the best I can do. "We need to cut back on electricity." "We need to use less electricity." "We need to cut our electric bill."