According to researchers from the University of Oxford and energy firm Ebico, tracking carbon emission makes consumers more aware of the energy they use as well as energy they waste.
The study found that people who regularly entered their meter readings into a CO2 counter were more likely to make energy-saving improvements to their homes, thereby slashing their gas and electricity bills.
Ebico managing director Phil Levermore said: "This ongoing study proves that people are willing to make the small changes necessary to reduce their household CO2 emissions."
"They just need to have a better understanding of how much energy they are using on a weekly basis to make the critical issue of climate change immediately relevant to their lives."
Meanwhile, savvy consumers familiar with the benefits of using price comparison sites to reduce their gas and electricity bills could also benefit from a range of greener-homes loans that they could pay back through their council tax.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.