In this study, the ground source heat pump was installed at a research center in Jeju Island to verify the performance of the system and to give an information for a economic feasibility. The performance test was conducted until the heat storage tank temperature reached at $5^{circ}C$ from $50^{circ}C$ in the cooling operation, and until the storage temperature goes up to $50^{circ}C$ from $10^{circ}C$ in the heating mode. As results, the system performance shows that $2.2{sim}3.5$ for the cooling operation and $2.5{sim}3.5$ for heating operation. It is found that the underground is good heat source for the heat pump with $3{sim}10^{circ}C$ variation range. The ground source heat pump could be connected one of air conditioning system without any problem in system performance. Based on the economic analysis, the initial cost for the ground source heat pump will be compensated after 4 years operation. If the system runs 20 years, approximately 300 million Won will be saved when the air conditioning system adapt the ground source heat pump based on Life Cycle Cost analysis.