Where do you apply for Xcel Energy Minnesota heat pump, panel and insulation rebates?

Heat pumps: https://mn.my.xcelenergy.com/s/residential/heating-cooling/heat-pumps; 2026 HVAC application: https://www.xcelenergy.com/staticfiles/xe-responsive/Programs%20and%20Rebates/Residential/24-01-506_MN-Res_HVAC_OpenPrgms_app.pdf; 2024-2026 summary sheet: https://www.xcelenergy.com/staticfiles/xe-responsive/Working%20With%20Us/24-1-201%20MN%20Res%20Rebate%20Summary%20Information%20Sheet.pdf; Panel rebate: https://mn.my.xcelenergy.com/s/residential/home-rebates/panel-upgrade; Phone: 800-895-4999.

Fix First Home › Minnesota › Xcel Energy Minnesota heat pump, panel and insulation rebates

Xcel Energy Minnesota heat pump, panel and insulation rebates open

Q: How much does Xcel Energy Minnesota heat pump, panel and insulation rebates pay?

Published amounts run from $50 to $2,000, depending on the upgrade and the conditions attached to it. Every amount and its conditions are listed on this page, each with the date it was last verified against the administrator's own page.

Administered by Xcel Energy, through Trade Partner Network contractors (or you, for a mini-split you install).

Xcel Energy pays $1,600 for a mini-split heat pump and $2,000 for a cold-climate one per outdoor unit, up to $1,500 toward a bigger electrical panel, $200 to $400 for a gas furnace and $400 or $500 for a heat pump water heater in Minnesota. Its 2024-2026 sheet adds ducted heat pumps at $1,100 to $2,000, insulation at 40% of cost, and a $600 bonus when insulation comes before a heat pump. 2026 installs must be invoiced by 31 December 2026.

source · verified 13 October 2026 · amounts in US dollars

What it pays

Xcel Energy's current Minnesota HVAC application and panel page
Upgrade	Condition	Amount
Cold-climate mini-split heat pump	16 SEER2, 9.0 EER2, 9.5 HSPF2; per outdoor unit	$2,000
Mini-split heat pump	15.2 SEER2, 9.3 EER2, 8.5 HSPF2; per outdoor unit	$1,600
Electrical panel	Raising the amperage; covers the full project cost up to this	$1,500
Heat pump water heater	ENERGY STAR; $500 if it can enroll in demand management	$400–$500
Gas furnace, existing home	95% AFUE $200, 96% $300, 97% $400	$200–$400
Gas boiler	95% AFUE or more	$400
Gas tankless water heater	0.87 UEF	$250
Smart thermostat	ENERGY STAR, AC Rewards eligible	$50

Xcel's 2024-2026 summary sheet (effective 1 January 2024)
Measure	Xcel gas and electric, or gas only	Xcel electric only
Cold-climate ducted air-source heat pump, with Quality Installation	$2,000	$1,500
Air-source heat pump, with Quality Installation	$1,600	$1,100
Ground source heat pump, with Quality Installation	$500 per heating ton	$500 per heating ton
Attic insulation (R-19 or less to R-49)	40% of cost, up to $1,200, if Xcel supplies your heating fuel	$120 with central AC, heat from another supplier
Wall insulation (empty cavity to R-11)	40% of cost, up to $1,200, if Xcel supplies your heating fuel	$75
Air sealing (15% blower-door reduction)	40% of cost, up to $600, if Xcel supplies your heating fuel	$45

The heat pump page's own amounts and its current rebate summary sheet did not load when read, so the ducted heat pump and insulation figures come from the 2024-2026 sheet. That sheet lists the gas boiler at $250, where the current application says $400; ask the contractor for the amount on the current form.

Who is eligible

who: Residential Xcel Energy customers in Minnesota. Heat pumps, central air and heat pump water heaters need Xcel electric service; furnaces, boilers and gas water heaters need Xcel gas service.
installer: A Trade Partner Network contractor for ducted systems and insulation; mini-splits can be self-installed and still get a rebate.
mini-splits: Paid per condensing (outdoor) unit, not per indoor head, and the heat pump must both heat and cool; cooling-only mini-splits do not qualify.
deadlines: Install and invoice by 31 December 2026; applications accepted through 30 September 2027.

Where the application goes

Your contractor usually applies and may take the rebate off the invoice; for a self-installed mini-split, apply online or by mail with the dated invoice.

Where the application goes
If this is you	Apply here
Heat pumps	mn.my.xcelenergy.com
2026 HVAC application	xcelenergy.com
2024-2026 summary sheet	xcelenergy.com
Panel rebate	mn.my.xcelenergy.com
Phone	800-895-4999

The thing most pages get wrong

Xcel's insulation rebate is not the same for every Xcel customer. Its 2024-2026 sheet pays 40% of the cost, up to $1,200 for attic or wall insulation and $600 for air sealing, only to homes heated with gas or electricity from Xcel. A home with Xcel electricity and central air but another heating supplier gets $120, $75 and $45. Air sealing must be done with the insulation, and the insulation is not paid without it.

Insulate first, then the heat pump

Xcel pays a $600 bonus to customers who install qualifying insulation and air sealing and then a qualifying heat pump 'within two years, based on invoice dates'. It is added automatically to the heat pump rebate.

A broken panel does not count

The panel rebate is for raising the panel's amperage, installed by a licensed electrician; replacing a broken panel at the same size does not qualify.