A system and method for monitoring and controlling an energy demand by an HVAC system utilizes a control device that is operably installed in the HVAC system. The system performs the following steps: receiving, in a control device, values of one or more parameters related to performance of the plurality of powered components; comparing the received values with corresponding predetermined threshold values; determining overloading of the electrical grid by a powered component based on respective values of one or more parameters being less than the corresponding predetermined threshold values for the powered component; and selectively controlling the operation of the powered component without disrupting operation of the remaining plurality of powered components.