A performance monitoring system for an electric drive system, comprising: a speed controller configured to operatively couple a power source to an electric motor; a plurality of sensors to measure performance metrics associated with the power source, the speed controller and the electric motor; and a health/performance monitoring system comprising a processor and a data storage device, wherein the health/performance monitoring system is configured to determine an efficiency of operation and health of the electric drive system based on the measured performance metrics; wherein the plurality of sensors comprise: a sensor for measuring current and voltage supplied from the power source; a sensor for measuring current and voltage supplied from the speed controller to the electric motor; and a sensor for measuring a speed of the electric motor; a sensor for measuring temperature associated with the electric motor; and a sensor for measuring vibrations associated with the electric motor, wherein the health/performance monitoring system is configured to receive measurements of the current and voltage (I,V) supplied from the power source, measurements of the current and voltage (I,V) supplied from the speed controller to the electric motor, and measurements of the speed of the electric motor, wherein the health/performance monitoring system or the processor is configured to determine the efficiency of operation and the health of the electric motor using the current and voltage measurements (I,V) and speed measurements; and further wherein the processor is configured to perform a set of functions (126, 164, 164') comprising: logging power and efficiency data associated with the electric motor and/or electric drive system; logging temperature data associated with the electric motor; logging vibration data associated with the electric motor; and performing a predetermined action (136, 416) in response to any of the data (128, 130, 134) exceeding a preset limit. a speed controller configured to operatively couple a power source to an electric motor; a plurality of sensors to measure performance metrics associated with the power source, the speed controller and the electric motor; and a health/performance monitoring system comprising a processor and a data storage device, wherein the health/performance monitoring system is configured to determine an efficiency of operation and health of the electric drive system based on the measured performance metrics; wherein the plurality of sensors comprise: a sensor for measuring current and voltage supplied from the power source; a sensor for measuring current and voltage supplied from the speed controller to the electric motor; and a sensor for measuring a speed of the electric motor; a sensor for measuring temperature associated with the electric motor; and a sensor for measuring vibrations associated with the electric motor, wherein the health/performance monitoring system is configured to receive measurements of the current and voltage (I,V) supplied from the power source, measurements of the current and voltage (I,V) supplied from the speed controller to the electric motor, and measurements of the speed of the electric motor, wherein the health/performance monitoring system or the processor is configured to determine the efficiency of operation and the health of the electric motor using the current and voltage measurements (I,V) and speed measurements; and further wherein the processor is configured to perform a set of functions (126, 164, 164') comprising: logging power and efficiency data associated with the electric motor and/or electric drive system; logging temperature data associated with the electric motor; logging vibration data associated with the electric motor; and performing a predetermined action (136, 416) in response to any of the data (128, 130, 134) exceeding a preset limit. a sensor for measuring current and voltage supplied from the power source; a sensor for measuring current and voltage supplied from the speed controller to the electric motor; and a sensor for measuring a speed of the electric motor; a sensor for measuring temperature associated with the electric motor; and a sensor for measuring vibrations associated with the electric motor, wherein the health/performance monitoring system is configured to receive measurements of the current and voltage (I,V) supplied from the power source, measurements of the current and voltage (I,V) supplied from the speed controller to the electric motor, and measurements of the speed of the electric motor, wherein the health/performance monitoring system or the processor is configured to determine the efficiency of operation and the health of the electric motor using the current and voltage measurements (I,V) and speed measurements; and further wherein the processor is configured to perform a set of functions (126, 164, 164') comprising: logging power and efficiency data associated with the electric motor and/or electric drive system; logging temperature data associated with the electric motor; logging vibration data associated with the electric motor; and performing a predetermined action (136, 416) in response to any of the data (128, 130, 134) exceeding a preset limit. logging power and efficiency data associated with the electric motor and/or electric drive system; logging temperature data associated with the electric motor; logging vibration data associated with the electric motor; and performing a predetermined action (136, 416) in response to any of the data (128, 130, 134) exceeding a preset limit.