Fido,
Not a new idea, but it has a NEW buzz word with the “GEO Thermal Heat pumps”. Same idea that you describe, they use several deep holes and run PVC or PEX loop with a circ pump so the Heat pump for the house has the heating or cooling effect. Basically using the earth vice having the outside unit with fan, for the A/C and Heat. Several pics out there but a basic picture
Cost for the average person is the problem, to drill the holes, or to dig the trenches for a horizontal loop large enough for good heat transfer.
Hope this helps a little.
Aubrey
God is Great, Beer is Good, and People are Crazy! '07 Jinma 254LE