$1000 to $4000 per year renting your roof, without any investment.
The Electricity Regulatory Authority of theCayman Islands(the “ERA”) has effective February 1, 2011, approved revisions to the Consumer Owned Renewable Energy (“CORE”) program, replacing the avoided cost of fuel reimbursement formula with a Feed-in Tariffs structure (FIT). The new structure, developed in conjunction with the ERA and recommended by the Caribbean Utilities Company, Ltd. (“CUC”) has been approved by Cabinet. FITS provides for significant incentives to consumers who generate energy from renewable sources and also reflects current practice throughout North America andEuropefor incentives for consumer generating renewable energy.
The CORE program allows customers inGrand Caymanto connect renewable energy systems, such as small scale solar systems to CUC’s distribution system and to reduce their monthly energy bills by generating their own electricity while remaining connected to the CUC grid.
Energy Engineering Corporation (EEC) and a local subsidiary are proposing within this CORE program to install kilowatt scale (kW) of solar panels by renting rooftops of CUC’s subscribers. EEC is offering KY$0.04/kWh (US$0.05/kWh) for renting rooftops of residential and commercial buildings under 20-year lease.
EEC in collaboration with local electricians will provide maintenance and administrative services to maintain energy production level from the solar generating equipment. For the implementation of the equipment, Caribbean companies working in solar power industry have been retained. These companies, in association with EEC will be responsible for the installation of solar facilities. These partners have already implemented 25MW of rooftop projects in the Caribbean and other parts of the world (Barbados, Martinique, Guadeloupe & Reunion), greatly reducing installation risks and allow the project to move ahead rapidly once the financing is in place.
CUC has limited to 1000 kW this first phase of solar projects. The maximum permitted size of the individual renewable energy systems will be the lesser of the CORE customer’s peak demand for existing systems measured over a period of up to twelve months, where that information is available, or estimated peak demand for new connections, with a maximum of 20 kilowatts (“kW”) for residential systems and 50 kilowatts (“kW”) for commercial systems. To provide opportunity for both residential and commercial systems under the pilot FIT program, commercial customers shall be initially limited to 70% of the 1 MW of capacity installed.
This program provides an excellent opportunity for both CUC and its customers to participate in protecting the environment. By utilizing renewable energy instead of fossil fuels to generate electricity, CUC and its customers will be able to reduce exhaust gas emissions, reduce the use of non-renewable natural resources and contribute to the overall protection of the environment both in Grand Cayman and globally, EEC and his affiliates are ready to take part to this program in generating income for you or your organization.
Energy Engineering Corp,
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