Static series compensation devices provide additional flexibility in the operation of transmission lines. Many articles have been published in literature which demonstrate how static series connected FACTS devices can solve numerous power system problems. However, they are not widely utilized in the power industry. The complexity and cost of these devices make it hard to justify their installation. The paper presents the various applications of series connected FACTS devices and the controllers used in literature. It also presents a comparison between fixed and static series compensation device. The paper also explores the economic challenges of installing series connected FACTS devices on the electric power system and some possible economic solutions. A cost effective solution to implement static phase shifting at the neutral of power transformers is presented.