Electrify and Save: Tri-State heat pump rebates explained

Electrify and Save is Tri-State Generation and Transmission's program that helps rural Colorado co-op members pay for heat pumps and other electric upgrades two ways: rebates through your local electric co-op, and on-bill repayment financing with no money down, no credit check, and interest that won't exceed 5%. Zero Homes is a named partner in the program, so we'll explain exactly how it works, which 7 co-ops participate, and where the fine print matters.

Key takeaways

• Electrify and Save has two parts: co-op rebates that cut your upfront price, and on-bill repayment (OBR) that finances the rest with $0 down.

• Approval is based on your utility bill history, not your credit score: 12 months of on-time payments is the core requirement.

• 7 co-ops currently participate in on-bill repayment, from Gunnison County to the San Luis Valley.

• Rebate amounts are set by each co-op, so two neighbors in different territories can qualify for very different amounts.

• The federal 25C tax credit expired December 31, 2025. Colorado's state heat pump credit still applies in 2026.

What is Tri-State's Electrify and Save program?

Tri-State is the wholesale power supplier for rural electric co-ops across Colorado, New Mexico, and Wyoming. You don't pay Tri-State directly; you pay your local co-op. Electrify and Save is the program Tri-State runs with those co-ops to make electric upgrades affordable: heat pumps, heat pump water heaters, insulation and air sealing, electrical panel upgrades, EV chargers, and battery storage.

The program has been running in some form for over 40 years, with more than 10,000 rebates paid out. In 2026 it has two pieces that matter for a heat pump project: the rebate your co-op pays, and the on-bill repayment program that finances what's left.

How does on-bill repayment work?

On-bill repayment (OBR) means a third party covers the upfront cost of your project, and you repay it as a fixed line item on your monthly electric bill. There's no loan application in the traditional sense: no money down, no credit check, and an interest rate that won't exceed 5%.

Instead of your credit score, the program looks at your payment history with your co-op. To qualify, you need to own a property in a participating co-op's territory, have 12 consecutive months of payments without a shutoff notice, and have no late penalties in the previous 6 months (up to two late payments can be excused if you enroll in autopay).

You own the equipment from the day it's installed, and you can pay the balance off early with no penalty. We cover the mechanics in more detail in our guide to how on-bill repayment works step by step.

Which co-ops participate in on-bill repayment?

As of July 2026, Tri-State lists 7 participating co-ops:

• Gunnison County Electric Association (Gunnison and Crested Butte)

• Highline Electric Association (northeast Colorado)

• Mountain View Electric Association (Falcon, Limon, and the eastern plains)

• San Luis Valley REC (Alamosa and the San Luis Valley)

• San Miguel Power Association (Telluride, Ridgway, and the western slope)

• Sangre de Cristo Electric Association (Buena Vista, Salida, and Westcliffe)

• White River Electric (Meeker and Rio Blanco County)

If your co-op isn't on the list, you may still qualify for its rebates; the financing piece is what varies.

What heat pump rebates can co-op members get in 2026?

Rebate amounts are set by each co-op, not by Tri-State, so the numbers differ meaningfully by territory. GCEA, for example, pays $1,000 per ton for gas or propane conversions, while other co-ops structure theirs by efficiency tier. We keep current, dated breakdowns for GCEA's heat pump rebates, MVEA's rebate program, and San Luis Valley REC rebates.

Two things stack on top of any co-op rebate in 2026:

• Colorado's state heat pump credit: $1,000 for air-source heat pumps, with at least $333 passed to you as an upfront discount on your invoice. Registered contractors claim it; you file nothing.

• Rebates buy down your financing: if you use on-bill repayment, any rebate reduces the amount financed, which lowers the monthly line item on your bill.

One thing doesn't stack anymore: the federal 25C credit (up to $2,000 for heat pumps) expired December 31, 2025. Any page still promising it for a 2026 install is out of date.

How Zero Homes fits into Electrify and Save

We're a named partner in the program. Tri-State's own on-bill repayment page tells applicants they'll hear from the Collective Clean Energy Fund and Zero Homes after they apply, and our job in that pipeline is the engineering and the install: a Manual J load calculation (the room-by-room math that determines what size system your house actually needs), a fixed quote with the rebates already applied, and a vetted local crew.

[ZERO DATA: number of OBR-financed or Tri-State-territory installs Zero has completed to date, or another defensible proof point.]

[ZERO DATA: a homeowner paraquote from a Tri-State co-op territory call, ideally about the $0-down decision.]

What Electrify and Save won't do

The program is a good deal, but it's worth naming the limits plainly.

It's not available to everyone. Members on bill assistance programs like LEAP or LIHEAP, or on budget billing, aren't eligible for on-bill repayment. Tri-State refers those households to no-cost weatherization programs instead, and depending on your income you may qualify for free upgrades that beat financing entirely.

The charge stays with the meter. If you sell your home before the balance is paid, the repayment obligation transfers to the new owner, and you're required to disclose it to buyers. Many sellers simply pay off the balance at closing, which the program allows with no penalty.

Rebates are first-come, first-served. Co-op rebate budgets can run out mid-year, and amounts change. The numbers in your quote matter more than the numbers on a website.

A heat pump still has to be designed for your house. Rural Colorado homes see design temperatures well below zero, and the difference between a system that keeps up in January and one that doesn't is the sizing work, not the rebate. That's what cold-climate heat pump installation engineering is for.

Frequently asked questions

What is the Electrify and Save program?

Electrify and Save is Tri-State Generation and Transmission's electrification program, run with its member electric co-ops in Colorado and neighboring states. It combines co-op rebates for heat pumps and other electric upgrades with on-bill repayment financing that requires no money down and no credit check.

Who qualifies for Tri-State on-bill repayment?

Property owners in one of 7 participating co-op territories who have 12 consecutive months of utility payments without a shutoff notice and no recent late penalties. Approval is based on bill payment history, not credit score. Members on bill assistance or budget billing programs aren't eligible.

Do Tri-State rebates work with the Colorado heat pump tax credit?

Yes. Co-op rebates, Colorado's state heat pump credit ($1,000 for air-source systems in 2026, with at least $333 as an upfront invoice discount), and on-bill financing can all apply to the same project. The federal 25C credit expired at the end of 2025 and no longer stacks.

What happens to on-bill repayment if I sell my house?

The repayment obligation stays with the electric meter and transfers to the new homeowner. You must disclose it to prospective buyers. There's no prepayment penalty, so many sellers pay off the remaining balance before closing instead.

Can I use on-bill repayment for upgrades besides a heat pump?

Yes. Eligible upgrades include heat pump water heaters, air sealing and insulation, electrical panel upgrades, EV chargers, battery storage, and smart thermostats. Rebates available at install reduce the financed amount.

Ready to see your real numbers? We design your system remotely from a scan of your house, apply your co-op's rebates and the state discount upfront, and show you the exact monthly cost with $0 down. See your real net cost before anyone visits.