will the introduction of capacitor bank parallel with the
induction load reduce power consumption

Answer Posted / zan

The power factor of an AC electric power system is defined
as the ratio of the real power flowing to the load to the
apparent power,[1][2] and is a number between 0 and 1
(frequently expressed as a percentage, e.g. 0.5 pf = 50%
pf). Real power is the capacity of the circuit for
performing work in a particular time. Apparent power is the
product of the current and voltage of the circuit. Due to
energy stored in the load and returned to the source, or
due to a non-linear load that distorts the wave shape of
the current drawn from the source, the apparent power can
be greater than the real power.
Power factor correction brings the power factor of an AC
power circuit closer to 1 by supplying reactive power of
opposite sign, adding capacitors or inductors which act to
cancel the inductive or capacitive effects of the load,
respectively. For example, the inductive effect of motor
loads may be offset by locally connected capacitors. If a
load had a capacitive value, inductors (also known as
reactors in this context) are connected to correct the
power factor. In the electricity industry, inductors are
said to consume reactive power and capacitors are said to
supply it, even though the reactive power is actually just
moving back and forth on each AC cycle

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