Is this thing actually consuming 1440 watts, or am I measuring 6 amps of capacitive current from the unit charging and discharging back into the line?
John
You'd know it if that was consuming 1440 watts, it'd be making a lot of heat. Burning up, almost. It's just charging and discharging back to the line, as you said in the 2nd half of your question.
POCOs don't like it when you draw current without consuming real power, it means that they have to have heavier wire and transformers without selling more energy.
Industrial users sometimes have, as part of the metering, a measurement of reactive power, as well as real power. That reactive power is usually inductive (motors and florescent light ballasts) and adding capacitors to that reduces that reactive power seen by the POCO's reactive power measurement. That's where money would be saved. Most homeowners don't have reactive power measured by the POCO, so they would not save any money with this thing. The POCO won't mind someone volunteering to reduce their reactive loading; they just won't know who is doing that (and how much) to be able to offer any money savings.