What is it for, central heating? Is it a ground source or plain air-to-air heat pump? I have messed with air to air for pool heating, and house cooling. My parents also have a ground source heat pump.
In any case I wouldn't think an air to air (looks like an AC compressor sitting outside) would work well in CO. Actually they are more efficient then gas until about 40 degrees F, below that they drop off really fast, and at about 25F they are the same efficiency as electric resistance heat.
Ground source uses the ground below frost as the heat source. So down 20 feet you're at 50F (or what ever it happens be in your area) and it pretty much stays that way all year round. So they are much more efficient, but they are really $$$ to install, and they have to bury lines all over the place. They are working on a single and dual point well sort of exchange system, but I don't know where they do it yet, or if it has been approved even.