Thermodynamic and thermoeconomic optimization of a vertical ground source heat pump system has been studied. A model based on the energy and exergy analysis is presented here. An economic model of the system is developed according to the Total Revenue Requirement (TRR) method. The objective functions based on the thermodynamic and thermoeconomic analysis are developed. The proposed vertical ground source heat pump system including eight decision variables is considered for optimization. An artificial intelligence technique known as evolutionary algorithm (EA) has been utilized as an optimization method. This approach has been applied to minimize either the total levelized cost of the system product or the exergy destruction of the system. Three levels of optimization including thermodynamic single objective, thermoeconomic single objective and multi-objective optimizations are performed. In Multi-objective optimization, both thermodynamic and thermoeconomic objectives are considered, simultaneously. In the case of multi-objective optimization, an example of decision-making process for selection of the final solution from available optimal points on Pareto frontier is presented. The results obtained using the various optimization approaches are compared and discussed. Further, the sensitivity of optimized systems to the interest rate, to the annual number of operating hours and to the electricity cost are studied in detail. (C) 2009 Elsevier Ltd. All rights reserved.