A system for monitoring electrical power consumption comprising: an electrical power meter configured to measure a time varying electrical power signal that supplies power to a predetermined number of electrical devices; and a processor operatively connected to the electrical power meter and configured to store data generated by the electrical power meter corresponding to the time varying electrical power signal in a memory, the processor being further configured to: generate a transformation of the time varying electrical power signal with reference to the data stored in the memory corresponding to the time varying electrical power signal over a predetermined time period; identify a plurality of electrical events corresponding to activation or deactivation of one of the predetermined number of electrical devices in the transformation of the time varying electrical power signal; deconvolve the identified plurality of electrical events in the transformation of the time varying electrical power signal with a penalty optimization process to generate a first plurality of signatures (404, 430) and a second plurality of signatures (406, 408), each signature in the first plurality of signatures corresponding to activation of one electrical device in the predetermined number of electrical devices, and each signature in the second plurality of signatures corresponding to deactivation of one electrical device in the predetermined number of electrical devices; cluster the first plurality of signatures and second plurality of signatures to identify activations and deactivations of each electrical device in the predetermined number of electrical devices; and identify one electrical device in the predetermined number of electrical devices corresponding to one signature in the first clustered plurality of signatures and one signature in the second clustered plurality of signatures. an electrical power meter configured to measure a time varying electrical power signal that supplies power to a predetermined number of electrical devices; and a processor operatively connected to the electrical power meter and configured to store data generated by the electrical power meter corresponding to the time varying electrical power signal in a memory, the processor being further configured to: generate a transformation of the time varying electrical power signal with reference to the data stored in the memory corresponding to the time varying electrical power signal over a predetermined time period; identify a plurality of electrical events corresponding to activation or deactivation of one of the predetermined number of electrical devices in the transformation of the time varying electrical power signal; deconvolve the identified plurality of electrical events in the transformation of the time varying electrical power signal with a penalty optimization process to generate a first plurality of signatures (404, 430) and a second plurality of signatures (406, 408), each signature in the first plurality of signatures corresponding to activation of one electrical device in the predetermined number of electrical devices, and each signature in the second plurality of signatures corresponding to deactivation of one electrical device in the predetermined number of electrical devices; cluster the first plurality of signatures and second plurality of signatures to identify activations and deactivations of each electrical device in the predetermined number of electrical devices; and identify one electrical device in the predetermined number of electrical devices corresponding to one signature in the first clustered plurality of signatures and one signature in the second clustered plurality of signatures. generate a transformation of the time varying electrical power signal with reference to the data stored in the memory corresponding to the time varying electrical power signal over a predetermined time period; identify a plurality of electrical events corresponding to activation or deactivation of one of the predetermined number of electrical devices in the transformation of the time varying electrical power signal; deconvolve the identified plurality of electrical events in the transformation of the time varying electrical power signal with a penalty optimization process to generate a first plurality of signatures (404, 430) and a second plurality of signatures (406, 408), each signature in the first plurality of signatures corresponding to activation of one electrical device in the predetermined number of electrical devices, and each signature in the second plurality of signatures corresponding to deactivation of one electrical device in the predetermined number of electrical devices; cluster the first plurality of signatures and second plurality of signatures to identify activations and deactivations of each electrical device in the predetermined number of electrical devices; and identify one electrical device in the predetermined number of electrical devices corresponding to one signature in the first clustered plurality of signatures and one signature in the second clustered plurality of signatures.