In the early stages of control system development, designers often require multiple iterations for purposes of validating control designs in simulation. This has the potential to make high fidelity models undesirable due to increased computational complexity and time required for simulation. As a solution, lower fidelity or simplified models are used for initial designs before controllers are tested on higher fidelity models. In the event that unmodeled dynamics cause the controller to fail when applied on a higher fidelity model, an iterative approach involving designing and validating a controller's performance may be required. In this paper, a switched-fidelity modeling formulation for closed loop dynamical systems is proposed to reduce computational effort while maintaining elevated accuracy levels of system outputs and control inputs. The effects on computational effort and accuracy are investigated by applying the formulation to a traditional vapor compression system with high and low fidelity models of the evaporator and condenser. This sample case showed the ability of the switched fidelity framework to closely match the outputs and inputs of the high fidelity model while decreasing computational cost by 32% from the high fidelity model. For contrast, the low fidelity model decreases computational cost by 48% relative to the high fidelity model.