Higher energy prices and concern about climate change is drawing increasing attention to ground source heat pump (GSHP) systems. Their clear advantage lies in being able to provide heating using 25 to 30% of the energy consumed by even the most efficient conventional alternatives. Their drawback has been high capital costs and uncertainty about whether the emissions associated with the electric power used to energise the system has higher system-wide emissions than the highest-efficiency furnaces. This study delineates circumstances under which GSHP systems achieve net emission reductions, for different electricity generation methods, heat pump efficiencies, and heating loads. We illustrate the effect of relative fuel prices on annual operating savings using fuel prices in multiple countries. Annual operating savings determine how rapidly the technology achieves payback and then generates return on the initial capital investment. Finally, we highlight the least cost supply curve for using GSHP to reduce greenhouse gas emissions. Using the United States as a base reference case, this study explores the potential of GSHP in cold-climate countries worldwide.