AbstractThe current research is oriented towards the development and assessment of the properties of the form‐stable phase change materials (PCMs), comprising of the thermoset polymer matrix (polyurethane, PU) enclosing capric acid (CA) as an active thermal energy storage (TES) component. The Fourier Transform Infrared Spectroscopy (FTIR) and Field‐Emission Scanning Electron Microscopy (FE‐SEM) have been used to characterize the chemical nature and morphological details of the developed PU‐based PCMs (PUPCMs). TES attributes and thermal stability of the resultant PCMs are evaluated by thermo‐analytical techniques such as Differential Scanning Calorimetry (DSC) and Thermogravimetric Analysis (TGA). A thermal reliability test has been conducted to determine the phase change efficiency of the prepared PCMs. PUPCMs have been found to be suitable for TES applications, such as passive space heating or cooling building applications.