In response to the pressing need for more efficient thermal energy storage solutions, this study investigates the strategic implementation of baffles in phase change material (PCM) tanks to enhance thermal performance. PCM offers a promising solution for efficient thermal energy storage (TES); however, ensuring uniform temperature distribution inside the tanks remains challenging. Horizontal baffles with holes of varying diameters were introduced in Tanks 02, 03, and 04, while an inclined baffle with holes was used in Tank 05. The Tank 06 benefitted from an inclined baffle with holes of different diameters. A comprehensive analysis of all Tanks was evaluated by assessing PCM and water heat flux, PCM and water static enthalpy, Richardson number, velocity vectors, temperature, and liquid fraction contours. The results demonstrated that significant improvements were achieved with the addition of baffles. Tank 01, without a baffle, exhibited a melting time of 2860 s. However, the introduction of baffles resulted in reduced melting times for Tanks 02 to 06: 2360 s (17.48 %), 2350 s (17.83 %), 2400 s (16.08 %), 2320 s (18.88 %), and 2240 s (21.67 %), respectively; which led to enhance TES efficiency, and a quicker energy storage process. The study also includes a comprehensive economic analysis, evaluating the total cost (Ctotal) and performance-economic ratio (Pc). Tank 06 shows superior economic performance, with a Pc value of 0.26 despite a slightly higher cost than Tank 01 by $2 USD. These findings highlight the baffle design’s effectiveness in achieving better heat transfer and uniform temperature distribution within PCM tanks, making them more efficient for TES applications.