It's a crazy idea to reduce power consumption by installing a transformer. Transformers can be step-up or step-down. What do you use? Step down? What for? All your appliances are running the standard power at 120 VAC and if you need the lower power in DC, you have these individual power adaptors.
If you really want to lower your power bills, conserve energy by using low kilowatt bulbs, use electric fans instead of aircon, don't leave your PC forever on, etc.
Jumpering the meter is illegal and I would never recommend.