SRP Cool Cash is the Salt River Project's residential rebate for installing an efficient air conditioner or heat pump, and its structure rewards exactly the upgrade that matters most in Phoenix: a system that can run at part load. The rebate is paid per ton of cooling and rises with how finely the compressor modulates — $75 per ton for a single-stage system, $150 per ton for a multi-stage (two-stage) system, and $225 per ton for a variable-capacity (inverter) system — up to a $1,125 cap.
That tiering is essentially a subsidy for variable-speed equipment, which holds temperature steady and pulls humidity better through a long desert cooling season. A 5-ton variable-speed system reaches the full $1,125; a 3-ton single-stage unit earns $225. The work must be done by a contractor licensed in Arizona to install residential AC.
One Phoenix-specific caution: SRP and APS serve interleaved territory across the Valley, and your eligibility follows the SRP electric meter. Just as important — APS discontinued all of its residential efficiency rebates on January 1, 2026 by order of the Arizona Corporation Commission, so if your home is on APS there is no equivalent AC-replacement rebate to claim. Confirm which utility serves your address before counting on this incentive, and confirm the current program-year install deadline with SRP.