This review incudes a detailed analysis of energy efficiency indicators applicable to the electric power sector in general. Major factors affecting energy efficiency in general and in the residential sector in particular have been found. Certain innovative monitoring and control solutions for residential electric power consumers have been considered for the purpose of creating energy efficient power consumption. Also, under the applications of a step rate system and other specific conditions, such as a limited capacity level, a technical solution providing reliability and efficiency of power consumption has been described.