A system and method are provided including a system controller for a refrigeration or HVAC system having a compressor rack with a compressor and a condensing unit with a condenser fan. The system controller monitors and controls operation of the refrigeration or HVAC system. A rack controller monitors and controls operation of the compressor rack and determines compressor rack power consumption data. A condensing unit controller monitors and controls operation of the condensing unit and determines condensing unit power consumption data. The system controller receives the compressor rack power consumption data and the condensing unit power consumption data, determines a total power consumption of the refrigeration or HVAC system, determines a predicted power consumption or a benchmark power consumption for the refrigeration system, compares the total power consumption with the predicted power consumption or the benchmark power consumption, and generates an alert based on the comparison.