Germany is undergoing an energy transition. By 2045, fossil fuels will be gradually replaced by clean energy. An alternative option is to use geothermal, solar and wind energy to generate heat or electricity. Currently, an economic model that considers these three energy sources and incorporates the design and installation of the energy system as well as operational costing focusing on the local market is lacking. In this study, we present a concept for a hybrid energy system combining solar, wind and geothermal energy for small, detached houses. We also develop a simplified economic model for the German market and local energy subsidy policies. The model was applied to two different cities in northern Germany, calculating the installation and long-term operating costs of different energy systems and combinations over a period of 100 years, including the consideration of the lifespan of variable equipment. The calculations show that for this small hybrid energy system the initial installation costs can vary from EUR 20,344 to EUR 70,186 depending on different portfolios. Long-term operating costs come mainly from electricity purchased from the grid to compensate for periods of low solar or wind production. In addition, the study included a calculation of the payback period for retrofitting a natural gas heating system. Results show that combining a photovoltaic system with a ground source heat pump, especially in the form of a near-surface heat exchanger, yields a shorter payback period (5 to 10 years). However, the incorporation of on-roof wind turbines into the hybrid energy system may significantly prolong the payback period and is therefore not recommended for use in low wind speed areas.