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Multi-sensor IoT devices enable the monitoring of different phenomena using a single device. Often deployed over large areas, these devices have to depend on batteries and renewable energy sources for power. Therefore, efficient energy management solutions that maximize device lifetime and information utility are important. We present SEMA, a smart energy management solution for IoT applications that uses a Model Predictive Control (MPC) approach to optimize IoT energy use and maximize information utility by dynamically determining task values to be used by the IoT device’s sensors. Our solution uses the current device battery state, predicted available solar energy over the short-term, and task energy and utility models to meet the device energy goals while providing sufficient monitoring data to the IoT applications. To avoid the need for executing the MPC optimization at a centralized sink (from which the task values are downloaded to the SEMA devices), we propose SEMA-Approximation (SEMA-A), which uses an efficient MPC Approximation that is simple enough to be run on the IoT device itself. SEMA-A decomposes the MPC optimization problem into two levels: an energy allocation problem across the time epochs, and task-dependent sensor scheduling problem, and finds efficient algorithms for solving both problems. Experimental results show that SEMA is able to adapt the task values based on the available energy, and that SEMA-A closely approximates SEMA in sensing performance.