This paper deals with the exergetic optimization of a solar thermal energy system. This consists of a solar collector (SC) and a rectangular water storage tank (ST) that contains a phase change material (PCM) distributed in an assembly of slabs. The study takes into account both conduction and convection heat transfer mode for water in the SC, and also the phase change process for the PCM in the ST. An analytical solution for the melting process in the PCM is also presented. The results of the study are compared with previous experimental data, confirming the accuracy of the model. Results of a numerical case study are presented and discussed.