Non-Intrusive Load Monitoring (NILM) is an advanced, and cost-effective technique for monitoring appliance-level energy consumption. However, its adaptability is hindered by the lack of transparency and explainability. To address this challenge, this paper presents an explainable, real-time, event-based NILM framework specifically designed for high-frequency datasets. The proposed framework ensures transparency at every stage by integrating a z-score-based event detector, appliance signature estimation, Fourier-based feature extraction, an XG-Boost classifier, and post hoc SHAP analysis. The SHAP analysis further quantifies the contribution of individual features, such as cosine of specific harmonic phases, to appliance classification. The framework is trained and evaluated on the PLAID dataset, and achieved a classification accuracy of 90% while maintaining low computational requirements and a latency of less than one second.