I think it depends on the geocoder that you use.
For instance, if geopy is relying on Google Maps, the following would apply:
"Use of the Google Geocoding API is subject to a query limit of 2,500
geolocation requests per day. (User of Google Maps API Premier may perform
up to 100,000 requests per day.) "
Cheers,
Luis
http://code.google.com/apis/maps/documentation/geocoding/
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Luis Quesada
Research Scientist
Cork Constraint Computation Centre
University College Cork
Cork - Ireland
Phone: (+353) 21 420 5376
Fax: (+353) 21 420 5369
Web: http://4c.ucc.ie/~lquesada