By Sherrica Thompson

Staff Writer

#Cayman, November 15, 2022 – In a move to reduce electricity consumption across the country, the Cayman government will be cutting the duty on a range of energy-efficient devices and materials to encourage the insulation of homes.

Premier and Minister of Sustainability & Climate Resiliency of the Cayman Islands, Wayne Panton, said the waiver will mitigate the cost of living crisis and reduce carbon emissions in the country.

“Making your home or business energy efficient is one of the simplest and most cost-effective ways to save money on your monthly electricity bills. With proper insulation and smart energy devices, combined with careful monitoring of your energy consumption, you can bring down your energy costs significantly and reduce your carbon emissions,” the Premier said.

Adding that; “The Cayman Islands Government is cognizant of the worry surrounding escalating costs of living locally and globally. This duty waiver on energy efficiency products is one of a number of steps we have taken to support local incomes and contain costs.”

In a recent press release, the Cayman Islands Government said the duty waiver will be offset by an increase in the Customs Tariff structure for the importation of gold bullion into the Cayman Islands.

In addition to saving money, the government said that “energy efficiency measures are also a win for the environment” as “small changes in local homes and businesses can lower national energy consumption and reduce the carbon footprint of the Cayman Islands.”

The country’s Customs and Tariff Act will also be amended so that duty will be set to 0% for energy-efficient materials and devices. These include spray polyurethane foam insulation, polyurethane foam sheets, low e-film for windows, smart thermostats and smart home energy monitors.