Cheaper and easier, yes, but also more dangerous in my opinion. Not danger in terms of someone getting hurt, but most likely to cause serious damage to sensitive electronic systems and to interact with modern power equipment that has VFDs, servos, UPS systems etc.
What PFC caps do is to correct a "lagging power factor", the difference between when voltage peaks and when current peaks in each sine wave. Inductive loads like AC motors cause a lag in that time frame that makes the utility equipment have to deliver more kVA per unit of kW, while not having it show up on the bill (because you PAY for kW) to help pay for the larger equipment they needed to use. So the utilities make you pay for it indirectly by assessing a "penalty" for having your Power Factor dip below some value, usually .95. The capacitors store and release reactive power to compensate for the inductive loads, raising the PF measurement to where the utility is happy again. Hopefully in your case. The trouble with having "bulk" capacitors at the service like this is, as GD pointed out, that you have no control of how MUCH capacitance you are adding. So if some induction motors turn off, but the caps were sized for when they were on, then there is too much capacitance and you can end up with a LEADING power factor, which from the utility standpoint is just as bad.