There's a very interesting article in today's Las Vegas Sun:
http://www.lasvegassun.com/news/2011/apr/08/geothermal-its-not-just-northern-nevada/---
“The Las Vegas Valley is ideal for geothermal,” said Stuart Lyle, project manager for EnLink Geoenergy, a California geothermal contractor working on several Southern Nevada projects.
...
The economic and environmental benefits of such projects have been studied by the Energy Department, which found they can lower energy bills up to 70 percent. The Environmental Protection Agency described geothermal heat pumps as “the most energy efficient, environmentally clean and cost effective space conditioning systems available.”
...
Although they are more expensive to install than traditional systems, savings are typically realized within two to five years of a project being completed. Savings come quicker in bigger buildings.
...
No transmission lines are needed, and the systems put no demand on the grid. The energy is also more reliable than solar or wind power because it’s not weather-dependent. And it produces no greenhouse gas emissions.
---
The article cites existing projects in Las Vegas and Pahrump, so it is proven technology. Very interesting!