What it pays for
- Cold-climate heat pumps, ducted or ductless
- A heat pump with a new gas furnace, financed as one job
- Heat pump water heaters
- Smart thermostats
- Panel upgrades that go with a heat pump, up to 30% of the project's cost
- Insulation and windows
Equipment has to meet the program's efficiency minimums. We check model numbers before the estimate goes out.
What it doesn't pay for
- A gas furnace or gas water heater on its own
- Repairs and tune-ups
- AC on its own
Rebates come off first
The rebates that apply come off the price before anything is financed, so you only finance what's left. On a Denver-area heat pump that's an Xcel rebate paid per ton of heating, the State of Colorado discount on its own line, and $1,500 from Power Ahead if the home is in the Denver metro. Xcel gas customers get the larger Xcel amount.
A heat pump water heater gets an Xcel rebate of $750, or up to $1,500 when it replaces a gas or propane water heater, plus a $250 State discount. Power Ahead doesn't cover water heaters yet.
If a rebate comes in lower than estimated, the amount you finance can't go up.
The limits
After rebates, the project has to come to between $1,500 and $50,000 per meter before the 2% origination fee. That fee is added to the balance, and county filing fees are extra.
Terms are 3, 5, 7 or 10 years at 4.50%, 4.75%, 5.00% or 5.49% APR. There's no money down and no prepayment penalty.
Common questions
Can I finance a new furnace and AC?
Not as a gas furnace and AC on their own. A heat pump with a new gas furnace can be financed as one job, furnace included.
Can I finance a repair?
No. ClearPath pays for upgrades. Repairs, tune-ups and AC on its own aren't covered.