This study investigates the performance and feasibility of heat pump systems for residential space heating in cold climates, with a particular focus on ground source heat pumps (GSHPs) with water wells. Four configurations are modeled and compared, a CO2 air-source heat pump (ASHP), an R-410A ASHP, a CO2 GSHP with water well integration, and an R-410A ground-source heat pump with water well integration. System simulations are conducted at both equipment and whole-building levels, followed by a nationwide analysis across ten representative cities using EnergyPlus. Results show that water-well-coupled GSHPs maintain approximately 87 % of their efficiency and 85.5 % of heating capacity as ambient temperature drops from 47 °F/8.3 °C to −15 °F/-26.1 °C, whereas ASHPs retain only 55 % efficiency and 44.5 % capacity. R-410A systems achieve higher efficiency, while CO2 systems provide significant environmental advantages, including reduced risks of groundwater contamination from refrigerant leakage. On average, the CO2 GSHPs deliver 35–45 % heating energy savings relative to ASHPs and demonstrate strong potential as a replacement for gas furnaces in cold climates. This work represents a systematic comparative assessment of CO2 and R-410A air-source and ground-source heat pumps with water well integration. The findings highlight the technical viability, environmental benefits and deployment potential of CO2 GSHPs, offering a pathway toward efficient and sustainable residential heating solutions in diverse U.S. climates.