SRP Cool Cash Explained: How to Get Up to $1,125+ Toward a New AC

If you're an SRP customer in the Phoenix area shopping for a new air conditioner, heat pump, or mini-split, SRP's Cool Cash rebate is still one of the best-kept savings tools available in the Valley in 2026. Here's exactly how it works, how much it's worth, and what you need to do to actually collect it.

What Is SRP Cool Cash?

Cool Cash is a rebate program from Salt River Project (SRP), one of the two major electric utilities serving the Phoenix metro. It pays SRP residential customers back for installing qualifying high-efficiency cooling equipment, including central AC systems, heat pumps, and ductless mini-splits. Unlike APS, which discontinued its residential rebate program for 2026, SRP's program is active and funded.

How Much Is the Rebate Worth?

Cool Cash pays out by the ton of nominal cooling capacity, and the rate depends on the compressor type in the equipment you install:

• Single-stage compressor: $75 per ton
• Two-stage compressor: $150 per ton
• Variable-speed (inverter) compressor: $225 per ton

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For a typical 5-ton residential system with a variable-speed compressor, which is the most common size for Phoenix-area homes, that works out to $1,125. Larger homes with bigger systems, or homes replacing multiple units, can see the total climb higher.

Efficiency Requirements: The SEER2 15.2 Threshold

Not every new AC qualifies. Since November 11, 2024, SRP has required a minimum efficiency rating of SEER2 15.2 for any AC or heat pump replacement to be eligible for Cool Cash. That's meaningfully above the federal SEER2 minimum for the Southwest region (14.3 SEER2 for most residential systems), so it's worth confirming with your contractor that the exact model you're quoted actually clears SRP's bar before you count on the rebate.

Deadlines You Need to Know

• Installation deadline: Equipment must be installed by April 30, 2026 to qualify for the current program cycle.
• Application window: You must submit your rebate application within 6 months of your install date.
• Funding can run out before the deadline: Utility rebate programs like this one are typically capped and funded on a rolling basis, so applying promptly after installation, rather than waiting, is the safer approach.

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Cool Cash Isn't Just for Central AC

Heat pumps and ductless mini-split systems qualify under the same per-ton, per-compressor-type structure. That makes Cool Cash worth checking even if you're cooling a casita, garage conversion, or addition with a mini-split rather than replacing a whole-home system.

How to Claim SRP Cool Cash: Step by Step

• Confirm you're an SRP customer (not APS) before you start pricing equipment.
• Choose equipment that meets or exceeds SEER2 15.2, and get written confirmation of the SEER2 rating and compressor type from your contractor.
• Have the system professionally installed and get an itemized invoice showing model numbers and tonnage.
• Submit the Cool Cash application, along with supporting documentation, within 6 months of installation.
• Keep a copy of everything until the rebate is confirmed and paid.

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Cool Cash vs. HEAR: Can You Stack Rebates?

Cool Cash is a utility rebate; the Efficiency Arizona HEAR program is a separate, income-qualified rebate that can be worth up to $8,000 on a qualifying heat pump. Depending on your household income and the equipment installed, it's worth asking your contractor whether both can apply to the same project. Rules and stacking eligibility can change, so confirm current terms before you count on combining them.

FAQ

Do I have to be an SRP customer to get Cool Cash?

Yes. Cool Cash is specific to SRP electric customers. APS customers are not eligible, since APS discontinued its own rebate program for 2026.

What SEER2 rating do I need to qualify?

A minimum of SEER2 15.2, which has been the requirement for all AC and heat pump replacements installed since November 11, 2024.

Does Cool Cash cover mini-splits?

Yes. Ductless mini-split installations qualify under the same per-ton, per-compressor-type rebate structure as central AC and heat pump systems.

What happens if I install after April 30, 2026?

That's the current program deadline for equipment installation. Rebate programs like Cool Cash are typically renewed or restructured from cycle to cycle, so it's worth confirming the latest terms with SRP or your contractor if you're planning an install close to or after that date.

Ready to talk it through? Call Empower Home Services at 800-306-6953 or visit empoweryourhome.com to schedule a free consultation.