Almost everywhere, the shallow ground or upper 10 feet of the Earth's surface maintains a nearly constant temperature between 50° and 60°F (10° and 16°C). Geothermal heat pumps can tap into this resource to heat and cool buildings, vastly reducing their energy needs. This is the primary use for geothermal.
There is commercial power generation using geothermal as well, but for home use this is not a viable tool.
When I build my retirement home, geothermal is definitely one of the things to go in. It will likely cost about 25-30k USD (right now it costs about 20-25k USD), unless something happens to improve the tech and reduce the cost.
This is definitely a technology that is underutilized and worth pursuing, even for an existing home. Augmented by solar, you can keep a home heated and cooled for a very small cost.
The same solar cells which convert light to electricity have a secondary application for heating water. Even on days that aren't terribly sunny they can do a fair job of heating water.
As an alternative to tank hot water heaters, consider 'on demand' or 'in-line' heaters. These are heaters which use electric heaters installed in your hot water line. They only turn on when there is a demand for hot water. Because of not maintaining a big tank of warm water, they are typically cheaper on people's budget.
The caveat to this is homes with frequent running hot water. Because electricity is less efficient to heat with, if you have a constant or high demand on your hot water system, you won't see the savings.
I helped my mother to install a hydro-electric system at her property. She had a number of small streams on the grounds. We rerouted the streams to a holding pond we dug out. The pond drains to a small pool from which we dug routes back to where the streams had originally exited t he property. This prevented any problems with the much larger stream that runs along her property line, and difficulties with neighbors about water usage.
We installed several different flow and generation systems connected to the same battery storage that comes off of her solar panels. Her set up generates about 3000 watts and total cost of the install, since we did most of the work, was only around 10,000 USD.
There are systems much smaller, in the range of anything from 300 watts to 1000 watts that are priced much cheaper. And will provide plenty of power for a small home, using just a small stream.
As a side note, we took the time to properly build up the holding pond bottom, and the area along it's edges to prevent erosion or other complications. Additionally we stocked the pond. A nice little fishing spot.