To enable further elaboration of the aspirations of Zuid-Holland provincial executive in the realm of heat management and as input to its vision on the issue, there is a need for greater insight into the overall costs and benefits for society, for the province itself as well as for the Netherlands as a whole. The social cost-benefit analysis (SCBA) presented in this report was carried out by CE Delft and Infinitus at the request of the Zuid-Holland Heat-Cold Programme Agency. Its aim is to improve knowledge of the economic efficiency of reducing fossil fuel demand by 20 PJ a year by 2020. The SCBA shows a net positive benefit for the project alternative PA2 (large-scale utilization of waste heat in greenhouse horticulture and homes in Zuid-Holland) at both the national and provincial level. At the provincial level, this net impact remains robust when assumptions are varied.