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Wear-out failures of electrolytic capacitors in single phase power factor correction circuits are investigated in this study. A probabilistic model based approach for temperature driven capacitor degradation is chosen to analyse the probability of failure of the output capacitor bank. Different design strategies are proposed and evaluated in terms of reliability. Parametric variation of capacitor bank designs provides influential effects on system volume, cost and reliability which is modeled for a sample size of 1000 power supply units.