Denver Heat Pump Rebate in Denver, CO
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Denver, CO Rebate Program
Since the launch of this program, we’ve been the #1 company to install heat pumps for Denver residents.
NOW Heating & Air prides itself on offering comprehensive rebate programs for a variety of products. Denver’s Climate Rebate Program is back on the horizon, meaning NOW Heating & Air can deliver even more benefits to their clients.
Multiple rebates can be stacked for additional savings including:
- Denver Heat Pump Rebate
- Federal Tax Credits for Heat Pumps
- Xcel Energy Rebates
If you have a heat pump that’s eligible for one of these rebates, or are interested in finding out if a rebate-eligible heat pump is right for you, contact NOW Heating & Air today.
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Eligible Equipment for the Denver Heat Pump Rebate
Source: devergov.org | Last Updated – August 2023
| Eligible Equipment | Rebate Information | Federal Tax Credits |
|---|---|---|
| Air source heat pump | Save up to $1,500 for ‘High-Efficiency’ Air Source Heat Pumps Save up to $3,500 for ‘Cold Climate’ Air Source Heat Pumps | Between $2,000 – $8,000 |
| Ground source heat pump | Save up to $3,500 | Between $2,000 – $8,000 |
| Mini-split heat pump | Save up to $1,500 for ‘High-Efficiency’ Mini-Split Heat Pumps Save up to $3,500 for ‘Cold Climate’ Mini-Split Heat Pumps | Between $2,000 – $8,000 |
| Heat pump water heater | Save up to $1,000 for heat pump water heaters Save up to $1,750 for smart heat pump water heaters | Between $2,000 – $8,000 |
To Utilize the Denver Rebate Program you must:
- Live in the City and County of Denver
- Apply the rebate to a project at an existing residence. New construction is not eligible
- Be completing a project in an existing single-family home or multi-family building of four units or fewer
- Be Xcel Energy customer
If you need help understanding the rebate program, contact us today – our team can help walk you through options and help install your heat pump upgrade.
How Do Denver’s Climate Rebates Work?
Denver is focused on encouraging its residents to switching to cleaner, greener options for heating and cooling their homes. The benefit of the rebate program is it can provide some financial assistance in purchasing these systems, since they can often be expensive to purchase and install.
The rebates are offered for nine pieces of equipment, with heat pumps being a prime candidate. Some of the rebates can cover up to 80 percent of the purchase and installation costs. Through this program, more than 130 energy-efficient heating and cooling units have been installed in Denver, and some heat pump water heaters have also been eligible.
See denvergov.org for details of the rebate program.
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What Heat Pumps Are Eligible for Rebate?
There are five different pieces of equipment eligible for the heat pump rebate. Each of them varies in cost and efficiency, which is measured in a multitude of ways. One of the most common ways to measure this efficiency is the Season Energy Efficiency Ratio (SEER). This is the ratio of the cooling output of an air conditioner across a typical cooling season, divided by how much energy it uses in Watt-Hours.
Other measuring sticks used to determine of a unit is eligible for a rebate are the Energy Efficiency Ratio (EER) and the heating Seasonal Performance Factory (HSPF). EER measures the ratio of BTUs per hour to the watts used to power the unit; and similarly, HSPF measures how efficiently a heat pump heats a space compared to energy usage.
This can be a lot of information, but NOW Heating & Air is here to answer any questions. Here’s a closer look at each of those eligible units:
These are typically found in homes with existing furnace and air ducts, and are usually installed with a gas furnace backup. The required efficiency rating on these units is at least 15 SEER, 11.5 EER and 9 HSPF.
These generally go into homes with existing furnace and air ducts. They are typically fully electric or used with a high-efficiency furnace. The energy efficiency required to make it eligible for Denver’s rebate is at least 18 SEER and 9.5 HSPF.
This is a great option for homes with no air ducts or backup heating mechanism. The most common of these units is a wall-mounted unit that takes care of a single zone. They can be found for multi-zone use, but those can be harder to locate. These require efficiency ratings of at least 18 SEER, 11 EER or 9.5 HSPF.
These are also typically found in homes with no air ducts. Again, these are commonly wall-mounted and are used for a single zone, but can be utilized for multi-zone use. The efficiency ratings required for a rebate are at least 15 SEER, 11 EER and 9 HSPF.
This isn’t a heat pump, but an upgrade on an electrical panel to make it compatible with Air Source Heat Pumps or Mini-Splits can also be eligible. All-in-one panels are hard to find, and panels that have no space or require upgrading may also be eligible for this rebate.
Additional Rebates & Stacking Rebates
Several rebates are available for Heat Pump projects in Denver including the Denver Heat Pump Rebate, Federal Tax Credits for Heat Pumps, and Xcel Energy Rebates Some projects can qualify for multiple rebates.
Denver Heat Pump Rebates:
Receive up to $3,500 on air source heat pumps, $3500 on mini-split heat pumps, and $1,750 on heat pump water heaters.
The heat pump model must qualify with the rebate programs terms and some exclusions apply.
Federal Tax Credits
New federal income tax credits are available that offer up to $3,200 annually. This program can lower the cost of home upgrades by up to 30%. New heat pumps and heat pump water heaters are part of the Federal Tax Credit program.
Xcel Energy Rebates
In addition to the Denver Heat Pump Rebate and Federal Tax Credits, Xcel Energy also offers rebate programs for heat pumps.
Need help navigating rebate options for your project?
So What Does that Mean?
The High-Efficiency Electric Home Rebate Program (HEEHRP) provides rebates up to $14,000 per household, including up to $8,000 for installing Energy Star qualified heat pumps, up to $4,000 for electrical panel upgrades, up to $1,600 for home insulation and sealing, and up to $2,500 for home electrical wiring improvements. Eligibility and the amount of the rebate depends on household income. For households below 80% of area median income, 100% of the system purchase price qualifies for the rebate. For households that fall within 80% to 150% of area median income, 50% of the system purchase price qualifies for the rebate. Households above 150% of area median income do not qualify for the HEEHRP rebate. The U.S. government appropriated $4.5B of funds for this program and will distribute the funds to state energy offices to administer the rebate program. The duration of the program will depend on the amount of funds available within each state and the number of rebates distributed.
Don’t Wait on Your Rebate
Denver’s rebate program for energy efficient cooling systems maxed out for the second time in the summer of 2022. They paused the program and were set to resume in late 2022 or early 2023. There’s only a certain number of dollars set aside for this program, so getting your rebate filed as soon as possible is imperative to make sure you take advantage of the benefit.
Heat pumps are long-lasting, quality products, but they also come with a pretty hefty price tag. They can provide cost savings over the long run due to their efficiency, and Denver’s rebate program provides a lot of value. For more information on heat pumps or the rebate program, don’t hesitate to reach out to NOW Heating & Air today.