The short answer: a lot less than you would expect. With HEAR rebates stacking on top of Xcel Energy and state incentives, HEAR-eligible households are paying $8,000-$11,000 for systems that normally run $25,000-$31,000.
Here is what that looks like with real numbers from recent installations.
Example 1: Whole-home mini-split system
The project: A family in Park Hill needed heating and cooling for their 2,400 sq ft two-story home with no existing ductwork. They chose a 4-zone Mitsubishi HyperHeat system (48,000 BTU) with one large unit for the main floor and three smaller units for upstairs bedrooms.
| Item | Amount |
|---|---|
| Mitsubishi HyperHeat mini-split (4 zones) | $29,600 |
| 230V electrical circuit | $1,600 |
| Subtotal | $31,200 |
| Xcel Energy ccMSHP rebate | -$10,250 |
| State of Colorado Heat Pump Discount | -$1,500 |
| HEAR rebate (heat pump) | -$8,000 |
| HEAR rebate (electrical) | -$800 |
| Final cost | $10,650 |
That's 66% off the full price.
What they got:
- Heating down to -13°F without backup
- 21 SEER cooling efficiency
- Independent temperature control in each zone
- 12-year manufacturer warranty
- All rebate applications handled by UniColorado
Example 2: Dual-fuel system (heat pump + gas furnace)
The project: A homeowner in Highlands Ranch had an aging furnace and AC. They wanted the efficiency of a cold climate heat pump but preferred gas backup for the coldest nights. They chose a Bosch IDS Ultra heat pump paired with a new Carrier two-stage furnace.
| Item | Amount |
|---|---|
| Bosch IDS Ultra heat pump (36-60K BTU) | $20,800 |
| Carrier 80% AFUE furnace (110K BTU) | $5,000 |
| Subtotal | $25,800 |
| Xcel Energy ccASHP rebate | -$8,800 |
| State of Colorado Heat Pump Discount | -$1,000 |
| HEAR rebate | -$8,000 |
| Final cost | $8,000 |
That's 69% off the full price.
What they got:
- Heat pump runs down to -13°F, furnace kicks in below 20°F
- 18 SEER2 cooling efficiency
- Ecobee Premium smart thermostat included
- 10-year manufacturer warranty
- 10-year labor warranty with maintenance plan
How the rebates stack
These are not either/or. HEAR-eligible households can combine multiple rebates:
| Rebate | Amount | Who Qualifies |
|---|---|---|
| HEAR | Up to $8,000 for heat pump | Households under 150% AMI |
| HEAR Electrical | Up to $4,000 | If electrical upgrades needed |
| Xcel Energy | $2,250/ton | Xcel gas + electric customers |
| State of Colorado | $1,000-$1,500 | All Colorado residents |
The key: HEAR rebates are income-qualified, but the Xcel and state rebates are available to everyone. If you qualify for HEAR, you stack all of them.
What if you don't qualify for HEAR?
You still get the Xcel Energy heat pump rebate and state rebates. Using Example 2:
| Without HEAR | Cost |
|---|---|
| Subtotal | $25,800 |
| Xcel Energy | -$8,800 |
| State of Colorado | -$1,000 |
| Final cost | $16,000 |
Still a significant discount. Heat pump installation cost in Denver without income-qualified rebates typically runs $12,000-$18,000 after Xcel and state incentives.
What affects the final price?
- System size: Larger homes need larger systems. Most Denver homes need 2.5-4 tons of capacity. A 2-ton system costs less than a 5-ton system.
- System type: Mini-splits (ductless) typically cost more upfront but work for homes without ductwork. Ducted heat pumps cost less if you already have ducts. Dual-fuel systems add the cost of a furnace but provide gas backup.
- Electrical work: Older homes may need panel upgrades or new circuits. HEAR covers up to $4,000 for electrical work if needed.
- Number of zones: A single-zone mini-split costs significantly less than a 4-zone system.
Getting started
- 1
Check your HEAR eligibility
Use the income calculator at the Colorado Home Energy Rebate Portal or see our HEAR rebates guide.
- 2
Get a quote
Contact UniColorado for a free estimate. We'll show you exactly which rebates apply to your situation.
- 3
Compare your options
We present multiple system options with all rebates calculated so you see the real out-of-pocket cost. UniColorado handles all rebate applications - the discounts shown in your estimate are what you actually pay.
