Given the high number of foreclosures in the marketplace and the condition many of those are in as well as the fact that one cannot live without an air conditioner in the Valley of the Sun, I thought the following information would be helpful and appreciated.
Given we all gasp at the thought of replacing an air conditioning unit for our homes given the expected cost, at least there is some good news in that Salt River Project (SRP) and Arizona Public Service (APS) do offer rebates for the installation of new air conditioners.
For qualifying units, here is the incentive rates from SRP:

Heat Pumps

Click to get more information on SRP’s Air Conditioner Incentives.
For qualifying units, here is the incentive rates from APS:

Click to get more information on APS’ Air Conditioner Incentives.
Aside from this, I often hear from folks that did have to incur the pain of replacing their existing air conditioner with a new one do see an appreciable reduction in their utility costs per month. So, there is definitely a level of recoupment from the installation of a much more efficient air conditioner.
Add in the rebates mentioned here, and it isn’t nearly as bad when you do have to incur the cost to replace your old, non-working system.
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