Ground-source heat pump (GSHP) systems have been implemented at large scales on several university campuses to provide heating and cooling. In this study, we test the idea that a GSHP system, as a replacement for an existing Combined Heat and Power (CHP) heating system coupled with conventional cooling systems, could reduce CO2 emissions, and provide a cost benefit to a university campus. We use the existing recorded annual heating and cooling loads supplied by the current system and an established technique of modeling the heat pumps and borehole heat exchangers (BHEs) using a TRNSYS model. The GSHP system is modeled to follow the parameters of industry standards and sized to provide an optimal balance of capital and operating costs. Results show that despite a decrease in heating and cooling energy usage and CO2 emissions are achieved, a significant increase in electric demand and purchased electricity result in an overall cost increase. These results highlight the need for thermal energy storage, onsite distributed energy resources and/or demand response in cases where electric heat pumps are used to help mitigate electric demand during peak periods.