Compared to mechanical compressors, ejector-based refrigeration systems can make direct use of many forms of thermal energy, including waste heat, solar thermal, or biogases. It is known that SE systems have a lower thermal efficiency compared to mechanical compressors because of their lower performance at high compression ratios. In the present work, binary fluid ejector heat pumps with high efficiency are presented based on a proper selection of the binary fluids and the ejector geometry for specific operating conditions of a ground-source heat pump cooling system (GSHP). The existing literature on ejector-based refrigeration systems considers the thermal COP and does not account for many energy losses across the system. In the present paper, the system COP of an ejector-based GSHP that accounts for all energy exchange processes is determined. A method for the calculation of the work done by the boiler feed pump, the refrigeration expansion valve, and the ground loop circulation pump is presented. The influence of the condenser temperature on the entrainment process and the system COP is also discussed. The estimated overall system COP for the three top-ranked binary fluid candidates under various operating conditions was found to range from 1.55 to 3.06.