The chilled water storage for milk cooling process encompasses methods for chilling liquids during off peak hours for later consumption, including a method for cooling the interior of a building while conserving energy during peak demand hours, in which water is chilled in a water chiller during the off-peak electrical demand hours, then stored in an insulated tank until peak electrical demand hours. The stored cold water is then pumped through a heat exchanger connected to the ventilation system in the building to cool the air in the building. The water then passes into a second storage tank, where it is held until off-peak hours. A plurality of multi-directional valves automatically control the water flow through the system.