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enireh:
My answer would be no. The whole house suppressor should located at the main panel, and connected as close to the output of the main breaker as possible, further and with the shortest possible leads. Even better would be outside the house just after the meter. Further it would be desirable to have an arc discharge lightning arrester at this point.
Note: an arc discharge takes some voltage higher than its conducting voltage to ionize, then drops to a lower voltage after conductions occurs. A much better characteristic than an MOV.
Additional suppressors would be a good idea at any sub-panels.
Further you want suppressors at any susceptible loads.
Lightning or transient protection is provided by some source impedance before a voltage clamping device. The sooner (closer) to the power entry point, relative to lightning, you can start to clamp voltage, and the lower you clamp voltage the greater protection you provide. For internal transients you would like to clamp transients at the source.
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