The significance of Internet of Things (IoT)-driven innovation grows in the energy sector. The use of smart energy products like smart meters promises new customer values and opens up potentials for business transformation. Against this background, traditional business models (BMs) along the energy value chain such as those of established energy utilities are challenged by a gradual shift in the energy production paradigm. Consumers can optimize their consumption and become prosumers by generating their own decentralized energy based on smart energy technologies. To capitalize on this development, businesses require an understanding of new business options and ways to exploit smart technologies. Based on both empirical and conceptual sources, we develop a taxonomy that provides a comprehensive overview of smart energy BMs. The taxonomy supports business leaders to describe and analyze important elements of smart energy BMs addressing residential customers. With new configurations of those elements, it serves as a stimulus to innovate traditional offerings along the energy value chain. Moreover, we add descriptive knowledge to the field of domain-specific IoT BMs and strengthen the conceptual fundament of smart energy BMs for future research.