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."