A method for monitoring the state of health (SOH) of a solenoid powered by a battery includes measuring a voltage and a current supplied to the solenoid by the battery, using a processor to determine each of an equivalent resistance and inductance of the solenoid using the voltage and the current, comparing the equivalent resistance and the equivalent inductance to a corresponding calibrated threshold, and recording deviations from the corresponding calibrated thresholds as a pair of SOH values. A trend of the SOH values is continuously monitored, and an appropriate control action is taken when either SOH value drops below a calibrated lower limit. A solenoid monitoring system includes a solenoid, voltage and current sensors, and a controller having an algorithm for continuously monitoring a state of health (SOH) of the solenoid as set forth above.