In cases where a quick insight into the operation of an HVAC system is more important than accuracy, cooling degree days can be used for monitoring electric energy consumption dependent on meteorological conditions. Cooling degree days are calculated from differences between outdoor temperatures above the base temperature and the base temperature itself, therefore containing both climate and building information. The difficulties in applying this method are the determination of base temperature and choosing a procedure for calculating degree days, which vary depending on the resolution of the weather data used. In addition, the cooling degree method has a major flaw, i.e. it considers only a linear dependence between cooling energy consumption and sensible cooling load, thereby ignoring latent loads, which become more significant at higher outdoor temperatures. In this article an analysis of real electric energy consumption data using the cooling degree method and an improved method derived from it that includes latent loads, as well as a comparison between them, are shown. Both methods are applied several times to metered data, each time with a different combination of a method for determining base temperature and a degree day calculation technique.