Low-inertia microgrids may easily have a single load which can make up most of the total load, thereby greatly affecting stability and power quality. Instead of a static load model, a dynamic constant power load (DCPL) model is considered here. Next, a hybrid algorithm for parameter estimation (HAPE) is introduced. In order to verify the load model and the HAPE, two experiments are conducted with different DCPLs using a Power-Hardwarein-the-Loop (PHiL) testbed. The PHiL testbed consists of a real-time computer working with a programmable power amplifier in order to perturb the input voltage's amplitude and frequency. Each connected DCPL in two separate experiments serves as the device under test (DUT). Using the captured experimental data as a reference, the HAPE is then invoked. The resulting parameter estimates are used to define simulation models. Both resulting DCPL models are simulated to produce waveforms that closely resemble experimental waveforms. Finally, the HAPE's resulting parameter estimates are presented, and the performance of the HAPE is discussed.