Yes, this is a very good approach. To expand on it, you could even dispatch to multiple selection functions based on other criteria (the OP doesn't make clear what the criteria are, but hints at them). Something like this (untested) example:

my %match = (
    high    => sub { $_[0] > 98.0 },
    low     => sub { $_[0] < 55.0 },
    exact   => sub { $_[0] = 77.0 },
);
# ...later...
my $test = decide_somehow();
if ($match{$test}->($consumption)) {
    print "Test $test succeeded\n";
    do_something();
};
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There are other ways to generalize the approach; this is just an example that may or may not be appropriate, depending on other program constraints.