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"Electrical noise", known as harmonics CAN be minimized at your electrical panel, and it is a good idea to do so if you have noticed such harmonics causing problems (removing these may prove cost prohibitive). In general, such harmonics are very minimal, unless you are electrically near large power users that "throw" a lot of harmonics onto the grid, such as arc furnaces (smelters). These harmonics may cause havoc with sensitive electronic equipment, so it is always a good idea to use a power conditioner for these equipment if you do not have a whole house power conditioner.

BUT it is important to realize these harmonics do not contribute significantly to your power bill - they are spuradic in nature, and it is likely your power meter gives these significantly less importance (since your meter is designed to run on 60Hz, it may not "see" higher order harmonics). More importantly, these harmonics will be a small percentage, say a maximum of 3-5% for highly distorted locations, of the total voltage supplied to your home or business. There are codes governing this; if you are worried, you could contact your local utility and they should be able to provide this maximum value for you, and the codes they're from.

I spent significant time looking into New Age Power Bids (the attached discussion) last night. This will not accomplish what you're talking about since no where in their website do they claim they lower harmonics (the only thing I saw stated they did not contribute to harmonics on the system that I saw - it was late though, so I could have missed this). This device in general makes me skeptical for many reasons, so I would pursue cautiously if you are interested. Remember most power companies have been on an "energy efficiency" kick recently (since it is very expensive and hard to get a power plant built, it is more economical for them to get you to curb your bill a little bit - counter intuitive, I know, but right now it is much cheaper to do so and skip the extra power plant - if such a magic device worked, they would be hawking it as well).

Every magic device I have come across that claimed to lower your power bill pulled a trick such as lowering incoming voltage (which could put it outside appropriate tolerances, potentially damaging motors and overloading wiring), are was a flat out fake. That does not mean NAPB is, but it is reason to be careful. I suggest you do some careful research before implementing any special system, and follow simple, proven methods to lower energy costs - such as replacing light bulbs with newer, more efficient bulbs, turning off equipment you are not using, increasing attic insulation, check seals around windows, doors, (and your fridge!), install a programmable themometer that has multiple settings for each day (so you can turn down heat and air conditioning when people are not home automatically).

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Q: Can electrical noise be eliminated at electrical panels and reduce your electric bill?
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