The invention comprises a Thermal Energy Module comprising a tank adapted to hold water or other heat transfer medium (such as water), a water loop for introducing the heat transfer medium and removing the heat transfer medium, and a refrigeration loop comprising a heat exchanger further comprised of an inlet manifold, a heat transfer structure (such as a micro channel or pipe-in-plate panel) and an outlet manifold wherein the heat exchanger is adapted to transfer thermal energy between the heat transfer structure and the heat transfer medium. The Thermal energy Module may be utilized as a component of a heating and cooling system. Such a Thermal Energy Module may be used to store thermal energy during the day and return it during the evening. Additionally, such a Thermal Energy Module may be implemented as an array of such modules and such array of modules may be adapted to fit within the walls of a building or structure.