. It’s 41 pages long, which is exactly 40 pages more than Master Plan 1 and Master Plan 2. We won’t republish the whole thing here, as we know you will want to study it at your leisure. Suffice to say, it claims that decarbonizing the world will be expensive — $10 trillion or so — but continuing to make fossil fuels the basis of our daily existence will be even more expensive — about $14 trillion.
Air source heat pumps are the most suitable technology for retrofitting gas furnaces in existing homes, and can deliver 2.8 units of heat per unit of energy consumed based on a heating seasonal performance factor of 9.5 Btu/Wh, a typical efficiency rating for heat pumps today. Gas furnaces create heat by burning natural gas. They have an annual fuel utilization efficiency of ~90%. Therefore, heat pumps use ~3 times less energy than gas furnaces .
Industrial processes that require high temperatures account for the remaining 55% of fossil fuel use and require special consideration. This includes steel, chemical, fertilizer, and cement production, among others. These high-temperature industrial processes can be serviced directly by electric resistance heating, electric arc furnaces, or buffered through thermal storage to take advantage of low cost renewable energy when it is available in excess.
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