In this study, the efficiency of an LPG evaporator/regulator (E/R) is investigated on both energy and exergy concept. The E/R, which is a key part of LPG conversion systems that enables gasoline engines to be operated on LPG when desired, has been transformed to a thermal energy storage (TES) system using an adequate amount of phase change material (PCM) to be able to store waste energy of the engine coolant, so that the engine can be operated on LPG rather than gasoline even at cold start to decrease fuel consumption and exhaust emissions. The engine has been tested at idle speed at 4 degrees C environment temperature. The PCM application provided the engine to be operated on LPG at cold start and increased the efficiency of the E/R in a considerable extent on both energy and exergy bases. It was observed that using PCM in the E/R for thermal storage, the net efficiency differences of the E/R with PCM application reach to the values of 20% and 10%, respectively for the energy and exergy calculations. The net 2nd law efficiencies were lower than the ones that of 1st law with the values of about 11% for gasoline operation, and 8% for LPG operation of the engine. (C) 2017 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.