Cloud Computing is playing a huge role in future technology. Further, with the explosive growth of the Internet and cloud computing, several service providers, such as Amazon, Microsoft, IBM, and Google, have expanded their data centers and rapidly deployed data centers in different places around the world to deliver various cloud computing services. However, several challenges are raised with the wide spread use of cloud environment such as power consumption, load balance, reliability, scalability, and security. This paper tackles the power consumption problem and presents an efficient algorithm, called Task Consolidation based Power Minimization (TCPM), to efficiently schedule tasks onto available resources of the cloud environment so as to minimize power consumption. In proposed TCPM algorithm, several benefits of the existing algorithms are enhanced and incorporated into the TCPM algorithm, where the best-fit procedure is used to achieve the best possible resource utilization and avoid wasting energy. The results of the proposed TCPM algorithm are compared with other recent algorithms such as FCFS, WWO, and MCT algorithms using the CloudSim toolkit.