A system and method to determine a presence of devices coupled to one a more peripheral buses in a system, and dynamically reducing power consumption of a subset of the devices that are present, based on correlating application/device association and a predetermined power source budget. In one embodiment, the reducing of the power consumption is performed dynamically by having an agent reduce the power limit in a device register(s) corresponding to the subset of devices. Furthermore, in one embodiment, the power resource budget is based at least in part on a user-selected power/performance level.