In general, which is the effect of improving the power factor?
By improving the power factor, you can maximize current-carrying capacity, improve voltage to equipment, reduce power losses, and therefore pay lower electric bills.
Which is the most common way of improving it?
The simplest way to improve power factor is to add power factor correction capacitors to the electrical system. Power factor correction capacitors act as reactive current generators, helping offset the non-working power used by inductive loads, thereby improving the power factor.