The short answer
SRP Cool Cash pays SRP electric customers up to $1,125 — plus a variable amount of up to $225 per ton of cooling — toward a qualifying high-efficiency system (15.2 SEER2 or higher) installed by April 30, 2027. RM III handles the paperwork for you.
What is SRP Cool Cash?
Cool Cash is Salt River Project's rebate program that rewards SRP electric customers for installing qualifying high-efficiency air conditioners and heat pumps. The goal is to reduce peak summer electricity demand across the Valley, so SRP shares part of the cost of upgrading to efficient equipment.
It's a true rebate — money back after a qualifying install — not a discount that may or may not be real. That's an important distinction when you're comparing quotes.
How much is the rebate, and who qualifies?
The 2026 essentials:
- You must be an SRP electric customer (check your utility — Cool Cash is SRP-specific, not APS).
- The new system must be 15.2 SEER2 or higher to qualify.
- The rebate is up to $1,125, plus a variable amount of up to $225 per ton of cooling capacity.
- The install must be completed by April 30, 2027.
- The equipment generally must be an AHRI-matched system installed by a licensed contractor.
Not sure if you're SRP or APS?
Check the logo on your electric bill. Cool Cash applies to SRP electric customers only. APS ended its residential HVAC rebate on January 1, 2026 — see our APS guide.
Why does the 15.2 SEER2 threshold matter?
The federal minimum for new split-system ACs in the hot-dry Southwest is 14.3 SEER2. Cool Cash requires 15.2 SEER2 or higher, so you have to step up at least one efficiency tier above baseline to qualify. That higher-efficiency unit also tends to lower your summer bills — so the rebate and the savings stack.
This is why the right move isn't always the cheapest system: a slightly higher up-front cost can unlock the rebate and years of lower SRP bills.
How do you actually claim it?
The rebate has to be filed correctly with SRP, with the right equipment documentation, model numbers, and proof of a qualifying install. Mistakes or missing paperwork are the most common reason homeowners miss out.
RM III files the Cool Cash paperwork for you as part of a qualifying installation, and we'll confirm in writing which rebate amount your specific system earns before you commit — no vague 'up to' promises.
Often, yes. Cool Cash is a utility rebate, while the income-qualified HEAR / Efficiency Arizona program is a separate federal incentive — many homeowners stack the two. (The federal 25C tax credit ended for installs after December 31, 2025, so it no longer stacks on a new 2026 install.) We'll point you to every program your system qualifies for; confirm tax specifics with your tax professional.
No — $1,125 is the maximum base amount, plus up to $225 per ton, and the exact figure depends on your equipment and system size. That's why we confirm the specific rebate your system earns in writing before installation, rather than promising a round number.
Terms in this guide
- SRP Cool Cash
- Salt River Project's rebate for SRP electric customers who install qualifying high-efficiency equipment (15.2 SEER2 or higher). It pays up to $1,125, with an additional variable amount based on system tonnage, for installs completed by April 30, 2027. RM III files the paperwork for you.
- SEER2
- Seasonal Energy Efficiency Ratio 2 — the current rating for how efficiently a central AC or heat pump cools over a season. Higher is more efficient. As of 2023 the federal minimum for new split-system ACs in the hot-dry Southwest (including Arizona) is 14.3 SEER2; SRP's Cool Cash rebate requires 15.2 SEER2 or higher.
- AHRI-matched system
- An outdoor and indoor unit certified by the Air-Conditioning, Heating, and Refrigeration Institute to perform together at their rated efficiency. Rebates and warranties generally require an AHRI-matched system — mixing mismatched parts can void both.
- Ton (of cooling)
- A measure of an air conditioner's cooling capacity. One ton equals 12,000 BTU/hour of heat removal. Phoenix homes are commonly sized around 1 ton per 400–600 square feet, but the only correct way to size a system is a Manual J load calculation — not a rule of thumb.
- Heat pump
- An all-electric system that both cools and heats by moving heat rather than burning fuel. A heat pump cools exactly like an AC in summer and reverses to provide efficient heat in Phoenix's mild winters — one system instead of a separate AC and furnace.