A processor utilizes instruction based sampling to generate sampling data sampled on a per instruction basis during execution of an instruction. The sampling data indicates what processor hardware was used due to the execution of the instruction. Software receives the sampling data and generates an estimate of energy used by the instruction based on the sampling data. The sampling data may include microarchitectural events and the energy estimate utilizes a base energy amount corresponding to the instruction executed along with energy amounts corresponding to the microarchitectural events in the sampling data. The sampling data may include switching events associated with hardware blocks that switched due to execution of the instruction and the energy estimate for the instruction is based on the switching events and capacitance estimates associated with the hardware blocks.