The effects of a dispersed particulate phase on the onset of Rayleigh–Bénard (RB) convection in a fluid layer are studied theoretically by means of a two-fluid Eulerian modelization. The particles are non-Brownian, spherical, with inertia and heat capacity, and are assumed to interact with the surrounding fluid mechanically and thermally. We study both the cases of particles denser and lighter than the fluid that are injected uniformly at the system's horizontal boundaries with their settling terminal velocity and prescribed temperatures. The performed linear stability analysis shows that the onset of thermal convection is stationary, i.e., the system undergoes a pitchfork bifurcation as in the classical single-phase RB problem. Remarkably, the mechanical coupling due to the particle motion always stabilizes the system, increasing the critical Rayleigh number (Rac) of the convective onset. Furthermore, the particle to fluid heat capacity ratio provides an additional stabilizing mechanism that we explore in full by addressing both the asymptotic limits of negligible and overwhelming particle thermal inertia. The overall resulting stabilization effect on Rac is significant: for a particulate volume fraction of 0.1%, it reaches up to a factor of 30 for the case of the lightest particle density (i.e., bubbles) and 60 for the heaviest one. This work extends the analysis performed by Prakhar and Prosperetti [“Linear theory of particulate Rayleigh-Bénard instability,” Phys. Rev. Fluids 6, 083901 (2021)], where the thermo-mechanical stabilization effect has been first demonstrated for highly dense particles. Here, by including the effect of the added-mass force in the model system, we succeed in exploring the full range of particle densities. Finally, we critically discuss the role of the particle injection boundary conditions which are adopted in this study and how their modification may lead to different dynamics that deserve to be explored in the future.