Earlier this year a lightning strike hit a transformer in the neighborhood next to me and a power surge fried just about all of their ovens, coffee makers, dishwashers, etc. After hearing all the bad stories, I decided to installed a whole house surge protector on my panel. I went with this protector as I have an Eaton panel and this one provides 2,820 joules, which is more than the others. This is the amount of energy the protector can absorb before it fails. Considering insurance may not cover broken appliances, this is cheap and easy protection.
Installing the surge protector is very easy, as far as wiring goes. Deciding on the location for it can be difficult. You want to install the recommended 50 amp double-pole breaker as close to where power enters the load center, just below the main breaker. You also cannot extend the wires coming from the protector. If your electric panel is in an unfinished area and you have enough slack in you wires to move some breakers around, this is an easy job. My panel is enclosed in a finished wood box with doors but I did have an unused double-pole break right at the top of my breakers. I was able to squeeze the protector on the side of the panel and had just enough wire (the leads are about 12" long) to wire it all up. To satisfy the wires being in a flexible insulator, I put two Romex insulators on them. It's not pretty but it works. With the location I placed the surge protector though, I can just barely see the two green lights indicating that it is working. The wiring I had on mine was stranded aluminum. The protector fits into 1/2" KOs.
Alternatively, you can install the 50 amp double-pole breaker anywhere on the loadcenter as it will provide some protection. And if you dont mind not seeing the green working lights, you can leave the protector inside the panel. This can also be mounted in outdoor panels where power comes into the house, the surge protector just needs to be inside the panel. It is not meant to be directly exposed to the elements. If you are unsure how to install this, hire an electrician.
If either or both of the green lights stop working on the surge protector, you need to replace it. They may need replacement after one or several surges or over time. This product does not protect against direct lightning strike (just hope your grounding does). You can also clip on the Eaton cable wire surge protector and others onto this one. This surge protector is made in China.