The impact evaluation of a DSM program is a very important issue since the results are used to determine the sustainability of a program. In general. to estimate the impacts of a DSM program it is required to measure the electricity usage changes before and after a program. Since the measurement-based approaches cost highly, most of the conventional evaluations are based on the average figures. However estimation of the average-based impacts can lead to both distorted results of over/under estimation of kW and kWh savings and non-optimal DSM planning. In this paper, we have developed a new multi-point measurement approach which can evaluate kW and kWh savings of a DSM program more exactly. To do this, the saving rate and operating rate are defined and set as the function of load factor of a customer, and these rates are incorporated with the conventional diffusion function of Bass to project the future impacts of a DSM program. The case study is performed on the inverter program of Korea by using the suggested approach.