Evergreen topic, so why not?
Short answer, no. Short on time? Read here: http://www.nlcpr.com/Deceptions1.php
Why? Household utility meters measure real power (kW) only. They're not influenced by reactive power. This includes both mechanical 'spinning disk' meters and the newer smart meters. (Mathematically, they take the instantaneous product of I*V, so if I and V are not in phase, as would be the case with a reactive load, the reactive I-V component cancels itself out over time.)
Briefly:
- real power, expressed as kW. Meter measures this and this is what you're billed for.
- reactive power, expressed as kVAR. You're not billed for this.
- apparent power, expressed as kVA, is the vector sum of kVAR and kW. This is what your feed needs to be
- power factor = (real power) / (apparent power) = kW/kVA
Then:
- With a non-reactive load, power factor will be 100%.
- With a purely reactive load, power factor will be zero (that is, no real power is consumed.)
These 'energy saving' devices, like many scams, rely on a grain of truth. In this case, it's the adding of capacitance across an inductive load (like a motor), in the right amount, can improve power factor factor and thus reduce reactive currents circulating back and forth to the utility.
In fact, large industrial users employ banks of capacitors which they can switch in and out as needed to manage their power factor, so they can avoid a low-PF surcharge from the utility. Typically they try for PF greater than 80%.
Stated another way, using the right power factor correction reduces your apparent power (kVA), while your real power (kW - what the meter measures) isn't affected.
But these household 'energy saver' things aren't good power factor correctors. They only offer a fixed capacitance value, so almost certain it's not properly matched to the load. And besides, since no reputable companies offer them, they're often shoddily built and lacking appropriate safety approvals.
Can power factor correction (PFC) be be beneficial to a home user? From a ratepaying standpoint, not at present. Utilities don't monitor residential PF. But this could change. Since the time of this original question, regulations have come into play that encourage (and sometimes mandate) that appliances use power factor correction within the device itself. This is a big deal with IT gear for example. And, smart meters can calculate PF and report it to the utility.
If you're building an off-grid, battery-inverter or generator backup system, you do need to care about power factor: you need to provision your supply based on kVA (apparent) power, not just kW (real) power. If your overall PF is good (above 80%, say) you can provision your supplies to be smaller. To help achieve that you'd opt for appliances that have PFC built-in.
Related: Scam? Does having this capacitor wired as shown provide any surge protection?