This paper presents a novel method to estimate the power consumption of distinct active components on an electronic carrier board by using thermal imaging. The components and the board can be made of heterogeneous material such as plastic, coated microchips, and metal bonds or wires, where a special coating for high emissivity is not required. The thermal images are recorded when the components on the board are dissipating power. In order to enable reliable estimates, a segmentation of the thermal image must be available that can be obtained by manual labeling, object detection methods, or exploiting layout information. Evaluations show that with low-resolution consumer infrared cameras and dissipated powers larger than 300mW, mean estimation errors of 10% can be achieved.