Xcel's Tripled Heat Pump Rebate Ended: What It Was and What Replaced It
Xcel paid a tripled heat pump bonus until September 30, 2026. Since October 1 it is two times the standard rebate. Current amounts are on our Xcel rebates guide.
Updated October 13, 2026•By Editorial Staff
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The Tripled Xcel Bonus Ended September 30, 2026
Xcel no longer pays the tripled heat pump bonus. Until September 30, 2026, Xcel gas customers got a bonus worth three times the standard rebate. On October 1, 2026 it dropped to two times. Cold climate heat pumps now get $1,500 per heating ton, down from $2,250.
For current amounts, who qualifies, and when Xcel is paying rebates out, go to our Xcel Energy rebates guide. This page keeps the history.
Current Xcel Rebates
Amounts since October 1, 2026, applied as an upfront discount on your invoice.
Tripled vs Current Amounts
A typical 3-ton cold climate heat pump qualified for $6,750 under the tripled bonus. The same system gets $4,500 today.
- Cold climate heat pump: $2,250 per heating ton then, $1,500 now
- Standard heat pump: $900 per cooling ton then, $600 now
- Heat pump water heater: $2,250 then, $1,500 now
Systems installed and invoiced before October 1, with applications in by October 15, were paid at the tripled amounts.
Why Xcel Tripled It, and Why It Dropped
Colorado's Clean Heat Plan requires gas utilities to cut emissions. Replacing a gas furnace with a heat pump removes one of a home's biggest gas loads, so Xcel put its largest bonus on cold climate heat pumps.
Demand ran ahead of the approved budget. Xcel cut the bonus on October 1 to stay inside it, and its program terms let it change amounts again at any time. The details are in our October rebate change guide.
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