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Utility program · Xcel Energy

Xcel Energy Colorado heat pump rebates

OpenVerified · co.my.xcelenergy.com

Effective Oct. 1, 2026. Cold-climate ducted or ductless (heating at least half the home): $750 per heating ton at 5°F standard, $1,500 per heating ton with the bonus for homes heated with Xcel natural gas. Standard heat pump: $300 per cooling ton, $600 with bonus. Ground source: $1,100 per heating ton, $2,200 with bonus. Supplemental ductless: flat $500. Rebate plus bonus cannot exceed the invoiced cost.

How much

Amounts by upgrade
UpgradeWhat it pays forAmount
Heat pumpCold-climate heat pump, per heating ton
$750 per heating ton; $1,500 with the bonus for homes heated with Xcel natural gas.
$750–$1,500 per ton

Who qualifies

  • Where: Xcel Energy Colorado service area.
  • Customers of Xcel Energy.
  • Upgrades: Heat pump.

Bonuses were cut on Oct. 1, 2026 (cold-climate bonus was $2,250 per heating ton before). Since Nov. 16, 2025, homes with existing electric resistance heat get standard rebates only. Standard (non-cold-climate) heat pumps in gas-heated homes must keep gas backup. Installs and invoices must be completed by Dec. 31, 2026; applications accepted through Sept. 30, 2027. Xcel also runs income-qualified offerings that it says can cover up to the full cost; amounts and income limits were not published on the pages we read. amountMax left null because the rebate is per ton.

How to apply

  1. Hire a contractor in Xcel's Trade Partner Network (use Xcel's contractor search).
  2. Confirm the model is on the AHRI directory and meets Xcel's cold-climate specs (COP at least 1.75 at 5°F, 5°F capacity at least 70% of 47°F capacity).
  3. The contractor submits the rebate application for you after installation.
  4. Supplemental ductless units can be self-submitted for the flat $500.

Your contractor files the paperwork.

Combining with other rebates

Rebate plus bonus cannot exceed the invoiced cost.

Sources

Often stacked with