From the DFW comment, I'm guessing you implied Dallas/Fort Worth. If that's the case, then you'll have AC already installed, and a lot of winter days that are above freezing. For that climate, a heat pump would be much more efficient. The emergency heat setting on a heat pump is the same as what you already have and you'll want to use that when it drops below freezing. But all other times the heat pump will be more efficient.
You're lucky you haven't been hurt!
It sounds from your description like the ground wire came off the pipe clamp
![ground pipe clamp](https://i.stack.imgur.com/XZYgy.jpg)
If I was you I would definitely not touch that again. Under normal circumstances that wire should not carry any current. If you are seeing sparks, the ground wire is energized and carrying current.
If it does, it may indicate an extremely dangerous condition. It can shock you (possibly seriously injuring or killing you), start a fire, and damage electrical devices in the house. The shock hazard isn't just with the loose wire, it may be there with incidental contact with the pipes, sinks, etc. in the house. It's not really safe to be in the house.
If it is what it sounds like to me, you pulled the ground wire loose from its lug on the ground clamp - it shouldn't come loose easily, so maybe the wire was damaged, or the screw was not tight. In any case you didn't cause this problem by pulling that wire loose; disconnecting that wire revealed the problem.
If you have problems on multiple circuits in your house, it's especially concerning, you may have a problem with your electrical service (lost neutral or other problem). The problem may also involve your neighbors.
It's good that the main power is off, but that doesn't necessarily make everything safe in the house. I'd call the electric company immediately and consider it an emergency. Call an electrician too, as soon as possible.
edit: The original poster followed up that an electrician came and fixed the issue. With that resolved, incidental contact with the ground wire where it's exposed in the closet isn't dangerous. Disconnecting the ground wire from the pipe shouldn't be dangerous, but it can't be assumed to be safe, because there may be an undiscovered issue waiting to bite you.
Best Answer
Absolutely do not try to remove this yourself. You have no way of safely disconnecting the power or being 100% sure you have protected yourself from electrocution or arc flash. The power company is typically responsible for the wire from the pole to your house. I would contact them about having it removed. I am sure they would rather remove the stick than have to replace the cable in the event it came down.