SRP Cool Cash is the Salt River Project's annual residential rebate for high-efficiency cooling and heat-pump upgrades. The rebate is paid by ton of nominal capacity, and the tier is set by the compressor: single-stage earns $75/ton, two-stage $150/ton, and variable-speed (inverter) $225/ton, up to a maximum of $1,125 per system. Where a ductless mini-split almost always reaches the top inverter tier, a central air-source heat pump is more often single- or two-stage — so confirm the compressor type, because it is the difference between a $75/ton and a $225/ton rebate on the same tonnage. A two-stage 4-ton heat pump, for example, earns about $600.
All tiers require at least SEER2 15.2, above the federal heat-pump minimum of 14.3 SEER2 — a bar a quality system clears. SRP verifies the rating from the AHRI reference number for the matched outdoor-and-indoor combination, so make sure the contractor lists it on the application, and note that single-stage applications require a Manual J load calculation. Cool Cash is paid as a one-time check or bill credit after install; the contractor must be licensed by the Arizona Registrar of Contractors (residential R-39, commercial C-39, or dual CR-39).
Coverage is the first thing to confirm. SRP serves much of the East Valley but interleaves with APS — sometimes on adjacent blocks — in parts of Scottsdale, Glendale, Tempe, Chandler, and Avondale. This matters more than usual right now, because APS discontinued its residential efficiency rebates effective January 1, 2026 under Arizona Corporation Commission Decision No. 81584. A heat-pump buyer on an APS meter has no equivalent utility rebate, while a neighbor on SRP does. Confirm which utility bills the home's electricity before counting Cool Cash into the project budget.
The 2026 program runs through April 30, 2026, with a 6-month post-install window to submit. SRP resets the amounts and minimum efficiency thresholds for each program year (which does not align with the calendar year), so verify the current figures on srpnet.com before relying on them. The federal Section 25C tax credit that added up to $2,000 for a heat pump ended for equipment placed in service after December 31, 2025, leaving Cool Cash and the income-qualified Efficiency Arizona (HEAR) rebate as the incentives that remain.