[Azure]

Loop systems are still expensive. The price of the heat pump compressors have gone up 50% + the last couple years.

Here in Manitoba it costs $5000 per ton of heating & cooling capacity to do an open loop water to air geothermal. That is installed.

I'd imagine it would cost 30% more to do closed loop water to air.

However it is extremely cost effective long term with energy savings.

Over 20 years, for a 90 ton system (what we are installing), we will save almost $2 million in heating & cooling costs compared to propane. Almost $5k to $8k per month. This is with current propane prices.

Other options for heating would be natural gas or electric heat.
Other cooling options would be air to air heat pumps, propane, natural gas.

Natural gas we'd have to bring in a line ($500k cost), but if the line existed and we could just hookup, we calculated water to water geothermal to save $500k to $750k over 20 years with the current price of natural gas.

For electric we'd save $250k to $300k over 20 years with water to water geothermal compared to electric heat. Still have to do a cooling source.

So yes, it is effective, but expensive up front. Payback is better if you have a bigger facility.

We have a big water source so we can do heating & cooling. If you have no water source to do heating, not sure what else you could do in the winter outside of electric, natural gas or propane. Air to air heat pumps for heating are not effective in -30 C.