The increase in operating temperature of the solar photovoltaic (PV) module results in loss of conversion efficiency. Active or passive based cooling methods are commonly used to remove heat and thus the performance of PV module is enhanced. In this paper, cooling of solar PV module is achieved with the help of free cool thermal energy stored in the phase change based storage system in the night and early morning hours. The performance of the solar PV system combined with free cool thermal energy storage system containing encapsulated phase change materials is studied. The free cool energy is stored when the ambient air available during early morning hours is in the range of 20-25 degrees C and allowed to flow over the encapsulated phase change materials (PCMs). The HS29 PCM used as PCM in the storage tank stores the cool energy at a temperature range of 29-30 degrees C and the same is supplied through the bottom of the PV panel during day time hours to keep the panel at a lower temperature. The instantaneous energy and cumulative energy stored in the storage tank during charging process and the cooling potential during the operational hours of the solar panel with different mass flow rates of air is studied and the results are presented.