The conventional solar still is limited to a daily yield of approximately 2–3.5 kg/m2/day. To increase the yield, this study investigates experimentally the combined effects of latent and sensible energy storage together with magnetization. Paraffin and novel high-thermal conductivity nanomaterial (graphite plate) were used as latent and sensible heat storage materials, respectively. There was an overall increase of 62% and 235% in the daytime and night-time yield, respectively, giving a total yield of 5.5 kg/m2/day compared to 3.4 kg/m2/day for a conventional still. Enviro-economic parameters like emissions, CO2 mitigation and carbon credit (CC) earned were also investigated. Energy matrices analysis and water quality checks were performed to estimate the energy-payback time, life cycle conversion efficiency (LCCE) and purity of desalinated water. The cost per liter of freshwater was found to be 3.7% cheaper than for a conventional still and 69% cheaper than bottled water in India. Over a 30 year period, 40.3 Tonnes of CO2 will be mitigated contributing a CC and LCCE of $402 and 0.52, respectively. The proposed modified still is recommended as a substitute for conventional stills and stills with simple energy storage.