A system monitors electrical equipment and provides predictive diagnostics therefor. The system includes sensors located at or about the electrical equipment. The sensors sense information pertaining to operation of the electrical equipment. A first processor is located at or about the electrical equipment and receives the sensed information from the sensors as first information. A first transceiver cooperates with the first processor to transmit the first information as transmitted information. A second processor is located remote from the electrical equipment. A second transceiver cooperates with the first transceiver to receive the transmitted information as second information and communicate the same to the second processor. The second processor provides a notification pertaining to an immediate inspection and/or maintenance of the electrical equipment, and set points operatively associated with the sensed information. The set points pertain to a number of potential alarms regarding operation of the electrical equipment.