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Absolutely not, if you are a residential consumer. Capacitors, when used for power-factor correction, reduce the supply current but NOT the amount of energy consumed and you pay for energy, NOT current! Energy meters measure the supply voltage and the in-phase (resistive) component of the supply current, so power-factor correction is irrelevant to residential metering. The video referred to in the original answer shows current being reduced but, as explained, this has absolutely no relevance to your electricity bill. In fact, the video is complete and utter nonsense! Capacitors used in this way are a complete scam.

Power-factor correct ONLY applies to large commercial and industrial consumers because they are penalised for unnecessarily-low power factors because the resulting unnecessarily-high currents require the utility companies to install larger Transformers, switchgear, and cables.

Another Answer

Yes, if you are a big customer and you are paying a premium on your power charges through having a poor power factor on the site. Otherwise a capacitor does not reduce the kWh consumption of your appliances, but it might reduce the current you draw, but your meter measures energy used and not the current. For a domestic customer power factor correction will almost certainly notreduce your charges.

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