CORE 2.0: Understanding the New Programme

Introduction

For Cayman Islands residents considering solar energy, there's never been a better time to make the switch. The recent overhaul of the Consumer Owned Renewable Energy (CORE) programme — now branded as CORE-Renew: Clean Energy for Cayman Powered by You — has significantly improved the financial proposition for homeowners and businesses looking to harness the abundant Caribbean sunshine.

In this guide, we'll explore how these changes affect your potential solar investment, breaking down the new rates, capacity brackets, and what they mean for your return on investment.

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Higher rates. Bigger systems. More capacity. The most attractive moment to go solar in Cayman in a decade.

What is the CORE Programme?

The Consumer Owned Renewable Energy (CORE) programme is an initiative that allows Cayman Islands residents and businesses with solar panels or other renewable energy systems to connect to Caribbean Utilities Company's (CUC) distribution grid. Through this connection, participants can:

1. 1Feed excess electricity generated by their systems back into the grid
2. 2Receive credits on their utility bills for this contributed electricity
3. 3Draw power from the grid when their systems aren't producing enough energy

Essentially, the programme turns the electrical grid into a virtual battery for solar system owners, eliminating the need for expensive physical battery storage while ensuring you have power even when the sun isn't shining.

The New CORE-Renew Programme: Key Changes

In October 2024, OfReg (the Utility Regulation and Competition Office) approved significant changes to the CORE programme after determining that the previous iteration wasn't creating sufficient incentives to advance the country's renewable energy goals.

New Rates and Capacity Brackets

In short:

• 20% increase in the rate for smaller systems (from 17.5¢ to 21.0¢)
• 17% increase in the rate for larger systems (from 15.0¢ to 17.5¢)
• 50% increase in the size threshold for the higher rate (from 5 kW to 7.5 kW)
• 50% increase in the maximum system size eligible for the programme (from 10 kW to 15 kW)

Additional Capacity Released

The new programme applies to all available and unused capacity, estimated to be 4.4 MW. This comes after CUC released 9 MW of additional capacity to the CORE and Distributed Energy Resources programmes the prior year, in two tranches of 3 MW and 6 MW.

This expanded capacity means more Cayman residents can participate in the programme without facing waitlists or delays.

Trial Period and Evaluation

The CORE-Renew programme will be applied on a trial basis and re-evaluated within 12 months. While these improved rates are available now, they may change in the future — creating an incentive to act sooner rather than later.

How These Changes Impact Your Solar ROI

Case Study: 7 kW Residential System

Consider a typical 7 kW residential solar system on a Grand Cayman home.

Over a 25-year system lifespan, that's an additional CI$12,575 in value.

Case Study: 12 kW Commercial System

For a small business with a 12 kW system:

Over 25 years, that's an additional CI$10,400.

Payback Period Reduction

• A typical 7 kW system (~CI$21,000) previously had a simple payback of ~9.6 years.
• Under the new rates, payback drops to ~7.8 years.

For many homeowners, this brings the payback period well within the timeframe they plan to own their homes — making solar significantly more attractive.

Maximizing Your Benefits Under the New Programme

Optimal System Sizing

• Systems up to 7.5 kW now receive the premium rate (21.0¢ per kWh)
• If your energy needs are close to this threshold, sizing your system at exactly 7.5 kW maximizes the higher rate
• For larger users, a 15 kW system (the new maximum) can substantially reduce or eliminate your electricity bill

System Expansion for Existing Solar Owners

• Existing CORE agreements (including those under extension) are not eligible for the new rates
• However, a new separate system could qualify for the new programme rates

Timing Considerations

• Acting sooner locks in the current favorable rates
• The 12-month evaluation period means rates could change after October 2025
• The 4.4 MW of available capacity is first-come, first-served

Who Benefits Most

Residential Homeowners

The bump in the premium rate bracket from 5 kW to 7.5 kW particularly benefits residential customers, since many Cayman homes need systems in the 5 – 8 kW range to offset their usage.

Small to Medium Businesses

The expansion of the maximum system size to 15 kW opens up new opportunities for businesses that previously couldn't fully offset their energy use with a 10 kW system.

New Construction Projects

Developers incorporating solar into new builds can now design more optimal systems, potentially increasing property values and marketability.

How These Changes Support National Energy Goals

By making solar more financially attractive, the new CORE-Renew programme helps accelerate progress toward these targets while improving returns for individual property owners.

CORE vs. Other Options

CORE vs. Battery Storage

• CORE advantages — lower upfront cost, grid reliability, no battery maintenance
• Battery advantages — independence during outages, more self-consumption
• Hybrid — a CORE-connected system with a small battery for essential circuits during outages is increasingly popular

CORE vs. Off-Grid

• CORE advantages — lower cost, reliable backup, earn credits for excess production
• Off-grid advantages — complete energy independence, no utility connection fees
• Best fit — CORE generally suits most Cayman properties; off-grid makes sense for remote sites or maximum independence

The Application Process

1. 1System design — work with a qualified provider to design a system optimized for the new rate structure
2. 2CUC application — submit your application to CUC for CORE programme participation
3. 3Permitting — obtain necessary permits from the Department of Planning
4. 4Installation — professional installation
5. 5Inspection — pass required inspections from both Planning and CUC
6. 6Connection — CUC installs the new meter and connects the system to the grid
7. 7Activation — start generating clean energy and earning credits under the new rates

The full process typically takes 2 – 3 months from initial design to final connection.

CORE is not the only route: OfReg Track 2

CORE is the export programme — you send surplus power to the grid and earn a credit for it, within the capacity brackets described above.

It is not the only option. Under OfReg's Track 2 rules you can install a solar-plus-battery system of up to 24 kW DC for your own consumption, and CUC cannot unreasonably refuse the connection.

The two work differently, so the numbers are not directly comparable:

Which route suits a property depends on how much power it uses during daylight hours, whether backup matters, and how much roof is available. Senergy will walk through both before recommending a system.

Conclusion: A Brighter Future for Solar in Cayman

The enhanced CORE-Renew programme represents a significant step forward for solar energy in the Cayman Islands. For homeowners and businesses considering solar, these changes translate to:

• Higher returns on investment
• Shorter payback periods
• Larger potential system sizes
• Greater overall savings

The window of opportunity is particularly attractive now, with favorable rates guaranteed for new participants and 4.4 MW of capacity available on a first-come, first-served basis.