Residential electricity consumption has an important impact on China's construction of a low-carbon society. However, at present, little of the literature analyzes the influencing factors of residents' overall well-being from the perspective of micro investigation. Based on the micro mixed cross section data of the Chinese General Social Survey (CGSS), this paper empirically studies the impact of residential electricity consumption on residents' subjective well-being. In addition, in the heterogeneity analysis, we found that an increase in residential electricity consumption will improve the overall well-being of females and people with low levels of education, but it has no significant effect on males and people with high levels of education. Moreover, the increase in residential electricity consumption has improved the life satisfaction of young people and middle-aged people. Meanwhile, the increase in residential electricity consumption has a significant, positive impact on both low-income and high-income households. Further analysis shows that no nonlinear relationship exists between the increase in residents' power consumption and the improvement in life satisfaction. This paper enriches the research on residential energy and provides policy implications for the current Chinese government to save energy, reduce emissions, and improve residents' quality of life.