Caledonian Financial services spent nearly a year transforming their gravel parking lot into Cayman's largest solar farm. The solar carpark has been generating electricity since mid-January, it was officially unveiled at a ceremony Thursday (13 March) night.
“Every minute where the sun is shining, on average, we make 50 cents worth of electricity,” said Caledonian CEO Barry McQuain, “That doesn’t sound like a lot but over the course of a year that adds up to more than $100,000.”
The solar carpark has been generating electricity since mid-January. It was officially unveiled at a ceremony Thursday (13 March) night.
Some 520 photovoltaic panels produce about half the energy Caledonian uses. The solar farm will pay for itself in 5 to 6 years, and has a life span of more than 20.
Caledonian CFO Steven Sokohl breaks it down in banking terms.
“We look at it this way, it’s basically as a bank, we’re giving a loan at 16-17% interest, so what’s not to like about that?” quipped Mr. Sokohl.
Minister of Infrastructure Hon. Kurt Tibbetts applauded Caledonian’s efforts to go green, and urged others to follow their lead. He told the assembled crowd incentives are available to any other business entity or individual who seeks to join the green revolution. More