Are there any other electronic circuits for reducing voltage to reduce electricity consumption of a/c motors?
That’s right they are mearly power factor correction devices. Motors and other inductive loads draw a lagging current, all these units do is introduce some capacitance to ballance it an lower the current consumption. They do not actually lower the power consumption of the device itself, they just reduce the current consumption. Power is saved but only because the current is lower hance the R squared I losses are lower. These units won’t reduce your bill by much as you’re most likely billed by the power you use rather than VA. However these power savers are still a good idea since the save losses in the cables and therefore they’re good for the enviroment.