Research and development of energy-efficient materials have been essential for sustainable infrastructure growth. A considerable amount of money is being spent on various energy stabilization techniques worldwide to attain thermal comfort in buildings. Thus, lowering the energy demand through green materials is vital to save energy and the environment. In this paper, a new form of Structural Insulated Panel (SIP) has been developed and referred to as Ferro Cellular Lightweight Concrete Insulated Panel (FCIP). Comparative thermal efficiency and acoustic performance of FCIP and brick masonry walls have been tested experimentally. The thermal results show that FCIP allows just 2 deg C rise in the internal temperature of the room chamber in two hours, whereas the brick masonry allows 9.5 deg C rise in the internal temperature of the room chamber for the same period. Similarly, the acoustic results show that FCIP has 0.85 sound absorption coefficient compared to 0.2 for brick masonry wall. Further, the cost-benefit analysis was conducted based on the electricity consumption results of a building produced by the eQuest energy simulation program. The outcome shows that the building’s lifetime running cost gets reduced to 50% when FCIP replaces the concrete/brick masonry envelope.