Add the evaporated milk. Slowly add in the evaporated milk a small amount at a time to ensure it boils continuously. Stir constantly for 10 to 15 minutes, until it reaches 238F on a candy thermometer. Remove from heat and add in the vanilla.
Cool. Transfer the mixture to a pan lined with parchment paper. Cool in the fridge for at least 30 minutes.
Cut. Remove the caramel from the pan. Use a sharp knife to cut into squares and enjoy.
How Can I Tell When Caramel Is Done?
There are two ways to tell when caramel is done cooking. The first way is to use a candy thermometer and check to make sure it reaches a temperature of 238 degrees F. This is the easiest way but it’s also the most finicky as not all thermometers are calibrated properly and depending on where you are, 238F may not be the perfect temperature.
The other way is to drop a small amount of caramel into a cup of ice water. If you can easily mold it into a pliable ball with your fingers, it’s ready.
I will typically use a candy thermometer to check that the temperature is 238F and then use the ice water test to confirm the caramel is ready.
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