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I'm pretty sure that there is a use for something like this in an industrial environment where most of the current is consumed by motors, which have a high lagging power factor (Oh SNAP - there goes my navy training again).
A place I once worked at (made aircraft parts, injection molding) needed a capacitor bank - they were getting charged a fee from the power company becuase their power consumption was mostly motors/lagging PF. according to the maintenance guy I talked to, all you needed to do was install this capacitor bank to "balance" the power out, and the fee would go away, but the plant manager thought it was a hoax so he never approved the funds for the capacitor bank.
On a factory - maybe. On a house ? never.
-John
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