A method for monitoring DC link capacitor health, comprising receiving, by a controller, a plurality of first DC link capacitor state variables (201, 202, 203, 204, 205, 206, 207, 208); determining, by the controller, whether each of the first DC link capacitor state variables is less than a first threshold value; calculating, by the controller, a deviation of each of the first DC link capacitor state variables from the first threshold value, in response to the first DC link capacitor state variable being less than the first threshold value; determining, by the controller, whether each of the deviations of the first DC link capacitor state variables occurred within a first threshold time; calculating, by the controller, a first probability of failure of the DC link capacitor by dividing a total number of the deviations of the first DC link capacitor state variables that occurred within the first threshold time by a total number (P1+P2) of the deviations of the first DC link capacitor state variables; receiving, by the controller, a plurality of second DC link capacitor state variables; determining, by the controller, whether each of the second DC link capacitor state variables is less than a second threshold value; calculating, by the controller, a deviation of each of the second DC link capacitor state variables from the second threshold value, in response to the second DC link capacitor state variable being less than the second threshold value; determining, by the controller, whether each of the deviations of the second DC link capacitor state variables occurred within a second threshold time; and calculating, by the controller, a second probability of failure of a DC link capacitor by dividing a total number of the deviations of the second DC link capacitor state variables that occurred within the second threshold time by a total number (P1+P2) of the deviations of the second DC link capacitor state variables; calculating, by the controller, a final probability of failure by calculating a mean value of the first probability of failure and the second probability of failure; and estimating, by the controller, a remaining lifespan of the DC link capacitor. receiving, by a controller, a plurality of first DC link capacitor state variables (201, 202, 203, 204, 205, 206, 207, 208); determining, by the controller, whether each of the first DC link capacitor state variables is less than a first threshold value; calculating, by the controller, a deviation of each of the first DC link capacitor state variables from the first threshold value, in response to the first DC link capacitor state variable being less than the first threshold value; determining, by the controller, whether each of the deviations of the first DC link capacitor state variables occurred within a first threshold time; calculating, by the controller, a first probability of failure of the DC link capacitor by dividing a total number of the deviations of the first DC link capacitor state variables that occurred within the first threshold time by a total number (P1+P2) of the deviations of the first DC link capacitor state variables; receiving, by the controller, a plurality of second DC link capacitor state variables; determining, by the controller, whether each of the second DC link capacitor state variables is less than a second threshold value; calculating, by the controller, a deviation of each of the second DC link capacitor state variables from the second threshold value, in response to the second DC link capacitor state variable being less than the second threshold value; determining, by the controller, whether each of the deviations of the second DC link capacitor state variables occurred within a second threshold time; and calculating, by the controller, a second probability of failure of a DC link capacitor by dividing a total number of the deviations of the second DC link capacitor state variables that occurred within the second threshold time by a total number (P1+P2) of the deviations of the second DC link capacitor state variables; calculating, by the controller, a final probability of failure by calculating a mean value of the first probability of failure and the second probability of failure; and estimating, by the controller, a remaining lifespan of the DC link capacitor.