A stable emulsion having a fluid medium; a phase change material (PCM) comprising a straight, branched and/or cyclic aliphatic moiety having from 3 to 18 carbon atoms, polymers, and copolymers having residues of the straight, branched and/or cyclic aliphatic moiety; and a modified cyclodextrin having at least one functional moiety capable of forming a stable emulsion with the PCM in the fluid medium. The invention further includes a modified paint or surface coating having from 10 to 99 weight % of a base coating and from 1 to 90 weight % of the stable emulsion admixed therein.