We describe version 2 of RENCI PowerMon, a device that can be inserted between a computer power supply and the computer’s main board to measure power usage at each of the DC power rails supplying the board. PowerMon 2 provides a capability to collect accurate, frequent, and time-correlated measurements. Since the measurements occur after the AC power supply, this approach eliminates power supply efficiency and time-domain filtering perturbations of the power measurements. PowerMon 2 provides detail about the power consumption of the hardware subsystems connected to each of its eight measurement channles. The device fits in an internal 3.5” hard disk drive bay, thus allowing it to be used in a 1U server chassis. It cost less than $150 per unit to fabricate our small quantity of prototypes.