Disclosed is a geothermal heat pump system including an underground heat exchanger capable of improving thermal conductivity. In the geothermal heat pump system including the underground heat exchanger, an underground heat exchanger of the conventional geothermal heat pump system formed of high density polyethylene is mixed with a carbon material and a metal material having high thermal conductivity to produce an underground heat exchanger, thereby improving thermal conductivity of the underground heat exchanger. In addition, construction cost can be reduced because the efficiency of the geothermal heat pump system may be improved through the improvement of the thermal conductivity of the underground heat exchanger.
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