My understanding is that large, commercial, installations
such as factories, supermarkets, refrigerated warehouses
etc. use capacitor banks to adjust the power factor of their
motors. In fact, power companies also have capacitor banks
installed alongside the street, beside switches, to adjust
the "average" power factor of loads to neighborhoods. On
the individual scale, where a commercial consumer has a
meter that measures amperes against time, that can be a
benefit to both the consumer and the power company.

The average homeowner has a meter that's called a VAR meter-
Volt Amp Reactive. The cumulative power factor of the
home's A/C, fan motor, refrigerator etc. are not measured by
the meter and even a professionally calibrated and installed
capacitor bank would make no difference in the 'Kilowatt
Hours" consumed each month. To take advantage of this, the
consumer would have to install a meter such as found in
commercial installations. On some home-type of
installations, such as an A/C compressor, pump, air
compressor or possibly a refrigerator, a run capacitor to
correct the power factor of the individual motor might
benefit from a longer life or cooler operation, but it would
be minimal and not seen on the electric bill.

I'm sure that there are some engineers out there who can
correct what I've written or expand on it. I'd sure like to
learn more about this.

Mark