The demand for digitization has inspired organizations to move towards cloud computing, which has increased the challenge for cloud service providers to provide quality service. One of the challenges is energy consumption, which can shoot up the cost of using computing resources and has raised the carbon footprint in the atmosphere; therefore, it is an issue that it is imperative to address. Virtualization, bin-packing, and live VM migration techniques are the key resolvers that have been found to be efficacious in presenting sound solutions. Thus, in this paper, a new live VM migration algorithm, live migration with efficient ballooning (LMEB), is proposed; LMEB focuses on decreasing the size of the data that need to be shifted from the source to the destination server so that the total energy consumption of migration can be reduced. A simulation was performed with a specific configuration of virtual machines and servers, and the results proved that the proposed algorithm could trim down energy usage by 18%, migration time by 20%, and downtime by 20% in comparison with the existing approach of live migration with ballooning (LMB).