A method of monitoring a capacitor bank comprising a plurality of capacitor strings connected in parallel, each capacitor string comprising a plurality of capacitors connected in series is provided. The method includes energizing the capacitor bank. The method includes determining dissipation factors of each of the plurality of the capacitor strings. The method further includes comparing each of the determined dissipation factors with an expected dissipation factor and estimating a health state of the plurality of the capacitor strings based, at least in part, on the comparison of the determined and expected dissipation factors.