The aim of the research is to develop a new energy management model for building HVAC systems that would enable the use of sensors that would allow data aggregation and analysis. The developed model is based on five resistances, one capacitance (5R1C) energy consumption calculation model described in ISO 13790:2008 standard and used for calculation of the energy use for the space heating for residential and non - residential buildings. The 5R1C model is improved by taking into account additional parameters, like building infiltration and the heating system heat capacity, which leads to a new 8R2C model in order to gain more accurate simulation of the building energy performance. First verifications were done by comparing the model performance within “IDA Indoor Climate and Energy” dynamic multi-zone simulation and MatLab simulation software, where simple building (single zone) was tested with different outdoor climate data and different HVAC equipment time schedules. Afterwards, the new 6R1C model was validated by comparing its results to real measurements done in the Riga Technical University, Faculty of Power and Electrical Engineering building, where several heat meters, electricity meters and temperature sensors where installed in order to acquire a detailed information about building energy consumption and indoor climate parameters. The newly developed model enables the possibility to identify an optimal HVAC equipment working parameters to achieve the desired building indoor climate conditions.