Economics and lifecycle carbon assessment of coconut oil as an alternative to paraffin phase change materials in North America

•Coconut oil exhibits lower embodied carbon than paraffin PCMs.•Paraffin PCMs lead to greater annual energy and emissions reductions.•Paraffin PCMs have lower lifecycle emissions than coconut oil.•Long economic payback period for both paraffin and plant based PCMs.•Carbon pricing and decreased capital costs can increase bio-PCM feasibility.