I used to be in the HVAC business. I can clear up a lot of these questions.
Geothermal heat pumps are THE BEST HVAC system that money can buy hands down. Both in longevity and efficiency. I know some people say that they have had problems, this is usually improper installation. All of the equipment made today is pretty good stuff, kind of like autos.
There are several options as far as the geothermal wells or loops go. Wells is actually a misleading term. An open well or a well that pulls water from the aquifer and then dumps it back out somewhere, usually a drainage ditch is illegal in this area. These heat exchangers are closed loop systems that circulate a liquid through them, usually water mixed with methanol to prevent freezing.
The loops that are allowed are:
1. Vertical, usually 200' deep, 1 well per ton of cooling and are about $1,800 each, so if you need a 3 ton system you will need 3 wells, 1/2 tons get rounded up to the next highest ton, these are the most efficient closed loop
2. Horizontal, will need 1000' of pipe per ton, buried about 5-8' deep, costs vary because anyone with a backhoe can install them, not nearly efficient as vertical
3. Slinky, just like it sounds a coil of pipe buried 5-10' down, you will still need 1000' per ton, just much more compact, similar efficiency to the horizontal
4. Pond loop, a system that pulls in water from a drainage pond, circulates through the machine and then dumps it back, efficiency will not rival the vertical loop
The local authorities will not let you put a closed loop in tidal water or pull tidal water and return it so don't waste your time
The pipe used is a thick black pipe, it is a special pipe that can expand and contract a great deal due to the heat transfer. PVC will not work, again don't ask your contractor for PVC it will crack all up underground
I recommend geo to anyone staying in their house longer than 10 years. All of my calculations show about 10 years to be the payback --EXCEPT new construction your payback will be much sooner and it will make only several hundred dollars in your payment.
A general rule of thumb is $6,500 per ton installed, this usually does not include ductwork or loops. So if you needed a 3 ton system, $1,800 per well is $5,400 plus $6,500 times 3 tons of cooling is $19,500 which is $24,000. This is obviously an estimate and the company I worked for was kind of high so I am sure you can beat this.
One final word on how geo's work, the ground stays a constant 55-60. In the summer the unit will remove the heat in your house and dump it in the ground by way of the liquid heat transfer medium in the loops. This works much better than trying to dump heat in 80* plus air.
The winter is just the opposite, the unit will remove heat from the 55-60 degree earth and dump it in your house. This works much better that trying to remove heat from 30* air.
If you have any other questions, shoot. I will be glad to answer any.