Today, both the manufacturing and residential sector face the challenge of an increase in energy prices, which are crucial for survival. Increasing ecological awareness, stricter legislations, changing consumer behavior toward green manufacturing and energy conservation, and increasingly volatile prices of raw material for energy generation, such as crude oil, limited economic feasibility of renewable energy sources, and increasing demand, are compounding the problem. With the Internet of Things (IoT), we have a tool to monitor energy consumption on a real-time basis, and to make energy consumer machines smarter and energy supplier machines more intelligent so that they can work autonomously and synchronously with minimal human intervention while ensuring better quality, unbiased prioritization of power requests, and efficient distribution. Smart meters can work as control-agents and ensure that unbilled energy, which is energy generated but not consumed and hence wasted, to be minimized. This chapter will describe a case where this setup has been tested and also create a conceptual model for energy management using the IoT.