This report finds that ground source heat pumps — systems that collect or disperse heat through loops laid horizontally or vertically in the ground — can save homeowners $24,000 over the lifespan of the equipment compared to conventional HVAC equipment (gas furnace and AC). These savings are even larger than those from installing a cold climate air source heat pump, but ground source systems have higher upfront costs and require space to install the ground loops. Therefore, these systems are ideal for rural or suburban properties with larger lots. Ground source systems also maintain their efficiency under extreme cold, giving them a further operational cost advantage. For homes currently using fuel oil or propane, switching to a ground source system is much more financially beneficial than signing up to Enbridge Gas new communities service. We calculate that such homes would save more than $37,000 by opting for a ground source heat pump instead of a gas connection.
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You can also download the calculation spreadsheets, where you can adjust assumptions