pg, let's ask a different question. Measurements aside, is what they are offering really reducing the carbon footprint of a website?
I would argue no, it does not. And here's why: They are buying credits which make clean energy cheaper. The trickle down effect (not a reference to Reagan) means that others will be buying cheap energy, which is good, but it does not mean you will be buying cheap energy. So I don't see this as directly translating into reducing your carbon footprint. Moreover, who actually gets the reduction in their personal carbon footprint here: the person actually using the green energy or you, who helped pay for this energy by proxy. I would argue that it is to a much greater degree the person who actually bought this energy who gets most of the benefit. You would be much better off using your time to plant trees in proportion to the amount your site uses or finding a green hosting service than use CO2Stats.
Even if CO2Stats is measuring this even remotely accurately (which they couldn't possibly be), their model of buying these renewable energy credits still translates into a very low reduction in your actual carbon footprint.
Having said that... is their service worth whatever it costs? Most likely no, since for it to work you would have to pay a disproportionate amount to get an amount that would indeed offset your footprint. Is CO2Stats capitalizing off people's supererogatory desire to do good by nature, regardless of whether there are no benefits? You bet.