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The residential sector has been targeted as the one with a huge potential for reducing carbon emissions. In order to determine the present carbon footprint and the potential for achieving carbon neutrality, the study examines electricity consumption in average households, whose electricity is supplied by their national power grids. 31 European countries (27 EU and 4 non-EU countries) were included in this analysis. Our results indicate that the annual carbon emissions of these average households range from 0.09 to 6.44 tCO₂e (1.36 tCO₂e on average), depending on a country. In addition, the calculated electricity costs per tCO₂e emission for an average household vary significantly (from 94 to 10,135 EUR/tCO₂e).Carbon offsetting is a mechanism which enables households to achieve carbon neutrality, i.e. households can compensate for the emissions caused by their electricity consumption by purchasing voluntary carbon offsets. This study also analyses the financial implications of purchasing voluntary carbon offsets. The results indicate that voluntary carbon offsets do not burden household budgets significantly because their share in total electricity costs is small. European households, particularly those in countries where electricity is more expensive, can comfortably achieve carbon neutrality with voluntary carbon offsets. In this way, they can contribute to global sustainable development. © 2023 Elsevier Ltd