A phase change material (PCM) is used as a substance filling in a heat store, due to the possibility of accumulating a significant amount of latent heat—the heat of phase transformation. Knowledge about the practical use of the working fluid, with the addition of a phase change substance, in heat exchange systems is limited The paper presents the results of preliminary research aimed at determining the possibility of using microencapsulated phase change material slurry (mPCM) as a working fluid in installations with a flat liquid solar collector, and the potential benefits as a result. The following were used as the working fluid during the tests: water (reference liquid), and a slurry of microencapsulated PCM. The mass fraction of mPCM in the working liquids is 4.3% and 8.6%, respectively. The research was carried out in laboratory conditions, in the range of radiation intensity G = 270–880 W/m2. The mass flux of each of the three working fluids in the collector is 30 kg/h, 40, kg/h, 60 kg/h, and 80 kg/h. Two main advantages of using mPCM as an additive to the working liquid are found: 1. in the entire range of thermal radiation intensity, the increase in the thermal efficiency of the collector fed with slurries is 4% with 4.3% mPCM in the slurry, and 6% with 8.6% mPCM in the slurry (for = 80 kg/h); 2. the slurry is characterized by a lower temperature at the outlet from the collector as compared to the water with the same thermal and flow parameters, which reduces heat losses to the environment both from the collector and other elements of the installation, as a result of excessive heating of the working liquid.