Phase Change Materials (PCMs) offer a means of storing thermal energy when efficiently available and returning it when required. Evaporative Cooling systems are considered to be efficient and environmentally friendly. This paper studies the application of PCMs to an industrial Evaporative Cooling System to enable the capture and storage of night-time sensible free-cooling, as a means of reducing energy costs and improving demand-side management. The stored cooling is subsequently utilised in the Cooling Water system during a day-time peak demand to achieve the required cooling capacity at the required temperature, resulting in a reduction of the day-time refrigeration requirements. A computer model was created using Matlab/Simulink, to simulate the operation with and without the PCM. The PCM, Chiller and circulation pump were simulated using manufacturer’s data. The Cooling Tower performance was approximated from historical weather data and recorded electrical data. The output of the model demonstrates that the system is functional. It also calculates the power requirements and energy cost of both scenarios. The cost savings were determined along with an estimate of the capital investment required. A sensitivity analysis was also performed to identify the major influencing factors determining commercial viability.