Thermal energy storage devices are gaining importance and momentum in the building space cooling and renewable energy applications. Retaining the stored energy for long hours through proper insulation is crucial in achieving economic benefits. In the present research, a novel composite material (FRP) is introduced for the development of cool storage tank along with two different methods of insulation (nitrile rubber foam insulation and vacuum insulation) to assess the performance of cool energy retention. The results show that the effect of vacuum insulation is lower compared with nitrile rubber foam insulation. This is due to the low specific heat capacity of the FRP material compared with air that increases the surface temperature of the tank than the ambient air during the day time in the case of vacuum insulation. Hence the study concludes that the additional layer of insulation material with high specific heat capacity than the ambient air to be added on the surface to avoid the overheating of the wall surface. The results are useful in designing the insulation for thermal storage tanks and managing the heat loss.