There are simply a ton of different types of heating systems and they are each more appropriate in different situations. However, some are certainly always going to be cheaper to operate than others, although that alone may not make one or the other right for you.
In the case of geothermal heating systems, the operating costs are definitely quite low. But those are not the only costs you will have to think about when you are considering what type of heating system to put in your home to keep your heating bills down.
Geothermal heating systems do not actually generate heat – they absorb it from the ground. Because of this, they actually use very little energy when they are running. All you are really paying to power is the fan that blows the heated air around your house. Also, because geothermal heating systems are more efficient at extracting heat in below freezing conditions than traditional heat pumps, they can continue to keep you warm on their own in more extreme conditions.
Traditional heat pumps, while they also cost very little to operate, do sometimes need to be supplemented by more conventional forms of indoor heating like a furnace when temperatures outdoors get too low. This is not the case with geothermal heat pumps, so if you live somewhere that has colder winters, a geothermal heat pump may be just what you are looking for. Of course, you can always opt for a furnace instead, but these will definitely cost more to run than either type of heat pump.
When you are trying to assess whether or not switching to a geothermal heating system will save you money, you first have to start with the heating bills you currently have. Then, factor in the cost of the geothermal heat pump installation as opposed to the installation of a more conventional system.
You are then in a position to see whether or not the amount the geothermal system will save you each month is enough to offset the higher cost of installation within a reasonable amount of time. Of course, the savings will always eventually add up over time, but if the length of time it will take you to break even is the same or longer than the expected life of the system, it is probably not worth it to invest in this type of heating.