This article addresses an efficient heuristic-based approach to assign static shunt capacitors along radial distribution networks using the artificial bee colony algorithm. The objective function is adapted to enhance the overall system static voltage stability index and to achieve maximum net yearly savings. Load variations have been considered to optimally scope the fixed and switched capacitors required. The numerical results are compared with those obtained using recent heuristic methods and show that the proposed approach is capable of generating high-grade solutions and validated viability.