OK, this technology (see link below) is 30 years old and for me in Ohio costs about $300 per year - total heating and cooling. Oh, but Democrats and/or Al Gore don’t get rich from selling this kind of geothermal. I understand.
http://www.waterfurnace.com/residential.aspx
What you are describing is a form of a heat pump/heat exchange mechanism. This is far too cool to use to generate commercial electricity. What was being targeted by this firm is high temperature material.. Commercial geothermal plants need steam to drive turbines similar to a coal or nuke plant. Picture Yellowstone Park for the heat. These geothermal waters, however, are often very corrosive to metals. They commonly contain dissolved metal concentrations that exceed EPA standards for release to the surface and must be reinjected (with associated corrosion and mineral deposit maintenance problems).