The demand for consumption of energy has been increasing globally with the tremendous increase in population. Different studies have proved that inadequate energy management and planning may lead to energy crisis which is a result of inadequacies in energy prediction. Accurate prediction of energy demand is important as underestimation may lead to shortage in supply and overestimation may lead to overinvestment in energy generation. Various available literature has been reviewed for determining the various factors responsible for affecting the energy consumption of residential buildings. Based on the factors determined, survey questionnaire has been formulated and survey was conducted in 400 residential buildings in one of northern states of India, i.e., Himachal Pradesh. It was observed by reviewing various studies that different models developed for energy consumption by different researchers were based on either of the three approaches, namely, engineering-based, AI-based, and hybrid approaches. Three tools namely, case-based reasoning, artificial neural network, and multilinear regression, based on these approaches were individually used for developing the model in this study, and their prediction results were compared. It was observed that the accuracy in the overall predicted results was highest in the proposed ANN model, followed by CBR model, and MLR model, with an overall accuracy of 99.93%, 96.3%, and 91.7%, respectively. The error obtained in the predicted results using ANN, CBR and MLR ranges from -4.0 to +3.0%, -15.0 to +26.0%, -30.0% to 20.0%, respectively. The overall RMSE of ANN, CBR, and MLR model was 1.44%, 11.7%, and 19.5%, respectively. It is concluded that ANN model is best suitable for predicting the short and long-term energy consumption with very high accuracy, as compared to the CBR and MLR. The results discussed in this study can be advantageously used for enhancing the consumption of operational energy in existing as well as proposed buildings.