A system and method for monitoring the effectiveness of a heat exchange unit, which comprises at least one or more sensors for taking a plurality of temperature readings of a heated fluid, a coolant and fluids passing through the heat exchange unit. The temperature readings are transmitted and/or entered into a processor capable of comparing the temperature readings and calculating a measure of effectiveness of the heat exchange unit. The processor is in communication with a database that maintains at least one predetermined parameter limit associated with the effectiveness of the heat exchange unit. The processor analyzes the data and is also capable of generating a signal indicative of the health or condition of the heat exchange unit.