In the present study, an ammonia-water based combined refrigeration/power cycle, proposed previously, is assessed for the utilization of geothermal potential for variable refrigeration and power load. The work mainly focuses on the thermodynamic feasibility of usage of geothermal source for apple storage and power output at Manikaran, a small town in the Indian state of Himachal Pradesh in Himalayan region. Optimization of second law efficiency was done using a combined genetic and gradient based algorithm, for varying ambient conditions and refrigeration load requirements, considering the potential of geothermal heat source available in the area. The system demonstrates the advantage of variable refrigeration and power output ratio that makes the full utilization of a low temperature geothermal heat source all through the year. © 2019 Elsevier Ltd