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Integrating thermal energy storage in buildings’ heating/cooling systems is one of the approaches to alleviate the stress on electric grids. The study investigated a novel approach that integrates thermal energy storage with the geothermal heat pump system to reshape the electric demand load profile of a building while maintaining indoor thermal comfort. A co-simulation was developed to model the integrated system and different control strategies. Simulation results indicate that a model predictive control (MPC) can reduce energy cost compared with using a rule-based control (RBC) while meeting all the thermal demands of the building, but the MPC is complicated and requires more computational effort than the RBC.