Energy conscious building design consists in controlling the thermophysical characteristics of the building envelope such as, firstly, thermal transmittance (U-value). However, besides the U-value, the envelope thermal inertia should also be considered. The literature studies report very different estimations regarding the energy saving potential associated with the use of an adequate inertia, ranging from a few percentages to more than 80%. Therefore, this study aims at assessing the parameters enhancing or damping the role of thermal inertia, providing a variety of results. For this purpose several external wall systems with the same U-value but different dynamic properties were investigated to calculate the associated achievable energy savings. A parametric analysis was performed in progressive steps, by running the models of a virtual Test Cell and of a sample building. Both design parameters (heat transfer surface, solar control) and operational ones (ventilation rates, HVAC functional regime) were varied. It was found that the highest energy performance wall system has a proper combination of the dynamic thermal transmittance and thermal admittance values, although not necessarily the best ones. Moreover, it was shown that thermal inertia effects are enhanced if it is coupled with other energy saving measures and an efficient building use.